Economy

India fair to boost intra-BRICS trade

To boost trade among the BRICS nations, India, for the first time, will organise a trade fair for the bloc that also includes Brazil, Russia, China and South Africa.

Intra-BRICS trade in 2014 was just $297 billion — less than five per cent of the $6.5 trillion worth trade that the five countries had with the world that year. Goods imports from the world into the BRICS countries were $3.03 trillion in 2014, while global goods exports of BRICS countries were $3.47 trillion that year.

First fair

The first BRICS Trade Fair & Exhibition will be held from October 12-14 in the national capital, ahead of the BRICS political summit in Goa (October 15-16, 2016). This initiative was proposed by Prime Minister Narendra Modi last year. The focus of the Fair is ‘Building BRICS – Innovation for Collaboration’. The Fair is meant to give an impetus to intra-BRICS economic engagement, an official statement said. It will showcase about 20 key sectors. These include aerospace, agro-processing, auto, chemicals, green energy, healthcare, railways, textiles, infrastructure, IT, engineering goods, tourism, gems & jewellery and skill development.

Besides established companies, start-ups and innovators from BRICS will showcase their offerings to help technology solution providers share knowledge in dealing with challenges in healthcare, education, energy efficiency, waste management and urbanisation management. Leaders from Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand have been invited for meetings at the Fair.

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