Modi set to propose BRICS business visa to aid members

Prime Minister Narendra Modi may moot introduction of BRICS business visa to make it easier for businessmen of Brazil, Russia, India, China and South Africa to travel from one country to other, as the five-nations-bloc is set to adopt a strategy to boost economic partnership within itself next week.

Modi will attend the seventh summit of the BRICS at Ufa in Russia on July 8 and 9. He is likely to propose introduction of a five-year multiple-entry BRICS business visa for businessmen of the five member-nations to travel from one country to another, according to the officials in New Delhi.

Indian officials have informally discussed the proposal of introducing a BRICS business visa with their counterparts in other members of the bloc. Though they received positive responses from China and South Africa, Brazil and Russia are yet make their positions clear.

The Prime Minister, however, will discuss the proposal with President Dilma Rouseff, President Vladimir Putin of Russia, President Jacob Zuma of South Africa and President Xi Jinping of China during the summit.

India is also keen to push for setting up a BRICS University, a BRICS Young Scientists’ Forum and a series of BRICS Language Schools – all three proposed by Prime Minister in July 2014, when he attended the sixth summit of the five-nation bloc at Fortaleza in Brazil.

Sources told Deccan Herald in New Delhi that the seventh summit in Ufa would deliver a BRICS Strategy for Economic Partnership and give a “strong impetus to mutual settlement of accounts in national currencies”.

The leaders would also discuss migration and labour issues, while the communiqué to be issued at the end of summit would spell out a roadmap with practical arrangements for the BRICS contribution to improving global health security, added sources.

The sixth BRICS summit last year saw signing of an agreement for establishing the New Development Bank to mobilise resources for infrastructure and sustainable development projects, not only in five member nations, as well as other emerging and developing economies.

The proposal for setting up a BRICS development bank was first mooted by India in 2012.
Modi, Rouseff, Putin, Xi and Zuma are now expected to formally launch the BRICS New Development Bank during the summit in Ufa.

India has nominated eminent banker K V Kamath as the first president of the new bank, which will have its headquarters at Shanghai in China. A nominee of Brazil will first chair the Board of Directors of the bank, which will have a regional centre in South Africa to oversee financing projects in Africa.

They will also launch the BRICS Contingent Reserve Arrangement of $ 100 billion, which was also agreed upon in Fortaleza last year.

The arrangement is expected to have a positive precautionary effect, help countries forestall short-term liquidity pressures and promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements.