India expects to see the bank established as soon as possible.
In his conversation with Prime Minister Narendra Modi, President Xi Jinping stressed that improving China-India relations serves common interests and is conducive to peace and stability of the region and the world.
Modi is visiting the African country from August 22 to 24 at the invitation of South African President Cyril Ramaphosa. South Africa is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019.
The collective West has always opposed strong leaders and economic development in India, asserts Colonel Anil A Athale (retd).
The joint declaration lists the BRICS nations' consensus on global economy, international financial issues and developmental affairs.
BRIC economies are currently worth around $11-12 trillion.
The Global Times, a prominent state-run Chinese media outlet, published an article titled "China and India are cooperation partners, not rivals: Xi," highlighting President Xi Jinping's remarks about the bilateral meeting, saying, "as long as the two countries stick to this overarching direction, China-India relations can sustain steady and long-term growth."
The BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
The BRICS also called upon all nations to adopt a comprehensive approach in combating terrorism including countering radicalisation and blocking terror financing sources.
Evidently, something has gone awry in India's regional strategies. Yet, one feels tempted to call this India's "BRICS moment". The Durban summit will show how far India is prepared to go in a new direction. MK Bhadrakumar examines
Pakistan-based terror groups like the Lashkar-e-Tayiba and the Jaish-e-Mohammed were named on Monday in the Summit declaration of the BRICS countries.
Defence sources stated that the disengagement involves removing infrastructure and withdrawing troops from both sides. The process is expected to be completed by Tuesday.
The fact that the Indian government has allowed the bank to be headquartered in Shanghai merely underlines the fact that this will be a largely Chinese enterprise.
India and China held talks in New Delhi to discuss the lessons learned from the eastern Ladakh military standoff and prevent its recurrence. The two sides also prepared for the next meeting of the Special Representatives on the boundary question. The talks took place under the framework of the Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC). Both sides highlighted the importance of regular exchanges and contacts at diplomatic and military level to maintain peace and tranquility in the border areas.
China on Wednesday said the Chinese and Indian militaries are implementing the resolutions concerning the disengagement in eastern Ladakh along the Line of Actual Control (LAC) in an 'orderly' manner.
Chinese Foreign Minister Wang Yi has called on India to implement the consensus reached by Prime Ministers Narendra Modi and Xi Jinping at their summit in Russia, urging a restart of bilateral ties. Wang emphasized the importance of respecting each other's core interests, enhancing mutual trust, handling differences effectively, and bringing the relationship back on track. He suggested practical steps such as resuming flights, easing visa procedures, and planning commemorative activities for the 75th anniversary of diplomatic relations. Wang also highlighted the shared interests and opportunities for cooperation between the two countries, advocating for mutual development and strengthening coordination in international affairs.
Both nations have to find ways to be sensitive to each other's politico-strategic and economic concerns, say Dr Rahul Mishra and Sana Hashmi.
The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently.
Modi put forward new initiatives for the BRICS grouping
He said that in recent times, based on the important consensus reached by the leaders of the two countries, China and India have maintained close communication on the border situation through diplomatic and military channels and achieved great progress.
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
China on Tuesday confirmed that it has reached an agreement with India to end the standoff between the two armies in eastern Ladakh.
India and Russia always stood "shoulder-to-shoulder" even in the most difficult situations, Prime Minister Narendra Modi told Russian President Vladimir Putin on Monday, against the backdrop of possibly the worst phase in New Delhi's ties with the US in over two decades.
The Meeting of BRICS and BRICS Plus High-Level Security Officials is scheduled to be held in St Petersburg from September 10-12.
Prime Minister Narendra Modi on Friday said it is important for India and China to work together to bring stability to the world economic order as he asserted that New Delhi is ready to advance bilateral ties from a strategic and long-term perspective based on mutual respect, mutual interest and mutual sensitivity.
Prime Minister Narendra Modi has emphasized dialogue over discord in India's relationship with China, acknowledging natural differences between the two countries but stressing that stronger cooperation is essential for their mutual interests and global stability. In a podcast with Lex Fridman, Modi highlighted the ongoing efforts to restore normalcy along the border following the 2020 clashes, emphasizing the importance of a stable and cooperative relationship.
In a statement released by Pakistan's ministry of foreign affairs, Aziz said that "Modi is misleading his BRICS and BIMSTEC colleagues", after Indian Prime Minister Narendra Modi on Sunday said that Pakistan is the 'mothership of terrorism'.
India on Monday announced it has reached an agreement with China on patrolling along the Line of Actual Control (LAC) in eastern Ladakh, in a major breakthrough in ending the over four-year-long military standoff ahead of a likely meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping in Russia this week.
'The group commands 85 per cent of the global GDP, and if you are able to convey your point of view effectively to this group then you have reached more or less all the important players that matter.'
'The BRICS anthem has to necessarily be an anthem of Vedic times -- Walk together, Dream together, Achieve together.' 'And who knows it better than Modi?' says Tarun Vijay.
The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
China firmly opposes the Trump administration's 50 percent tariffs on India as it is "unfair and unreasonable" and New Delhi and Beijing should scale up economic ties to jointly counter the challenge, Chinese ambassador Xu Feihong said on Monday.
Prime Minister Manmohan Singh arrived in Sanya, China on Tuesday at the Phoenix International Airport to attend the BRICS Summit that will see the formal induction of South Africa as the fifth member of the emerging economies group, which already has Brazil, Russia, India and China as members.
'There's no pro-China tilt in BRICS.' 'All these countries want to be close to China, but they are all good friends of India also.'
Jaishankar said that both sides also exchanged views on the next steps in the India-China bilateral ties.
National Security Advisor Ajit Doval is likely to travel to Beijing within the next few weeks to lead the Indian delegation at a new edition of the Special Representatives dialogue on the larger boundary question that will be held after a gap of nearly five years, authoritative sources said.
China on Thursday said the meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping in Russia's Kazan on Wednesday carries a "great significance" as they reached an "important common understandings" to improve the bilateral ties.
China's military has said it is willing to work with India to find a solution to the border issue, while also pushing for sound and stable defence ties. The statement comes after recent meetings between officials from both countries to normalize relations following a prolonged period of tension.
Trump couldn't care less anymore about the Israeli demand for Iran's 'de-nuclearisation' and 'de-militarisation.' Trump pins hopes on a grand bargain with Iran as a partner in America First, argues Ambassador M K Bhadrakumar.
'We should watch -- in the near term -- for signs that the two have totally fallen out at a personal, political level.' 'Trump and Modi know how to be dealmakers, but they also know how to hold a grudge.'
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