JOIN USThe agreement was signed by designated banks of the five countries at a Summit of Brazil-Russia-India-China- South Africa (BRICS) here which was attended by Prime Minister Manmohan Singh.
The pact was signed in tune with BRICS countries’ commitment to increased cooperation in economic, finance and trade matters to support their sustained national economic growth and contribute to the “long-term steady, sound and balanced growth of the world economy.”
Addressing the summit, Prime Minister Manmohan Singh said the challenge before the BRICS countries was to harness the vast potential that exists among them as all are rich in resources, material and human.
“We have the opportunity to give concrete meaning to the concept of sustainable and balanced development, and produce innovative models of development,” he said.
Singh said India stood ready to work with other BRICS countries to realize these goals.
“Our economy is more open and more connected to the world than it has been in the past. Our financial and capital markets are sound, and eager to absorb foreign direct investment.
Prime Minister Manmohan Singh remarked that BRICS had travelled a long distance in a short span of two years since the first Summit in 2009.