India seeks $500-bn BRICS trade by 2020
Leaders of the five economies agree to work on credit rating agency, trade in local currency and cooperation on tax evasion While a key agreement on setting up a BRICS credit rating agency eluded them, leaders of the five emerging large economies ended their eighth summit with a commitment to strive for greater synergy and higher economic growth. With Indian and Chinese exports to the West shrinking, Prime Minister Narendra Modi called for doubling of intra-BRICS trade to $500 billion by 2020. This was seen as a key to spur growth in BRICS economies, two of which have recorded negative growth. Chinese President Xi Jinping drew attention to “some countries getting more inward looking in their policies… Protectionism is rising and the forces against globalisation are an emerging risk,” he said. The ‘Goa Declaration’, issued at the end of the summit, welcomed “experts exploring the possibility of setting up an independent BRICS Rating Agency based on market...