China on Tuesday confirmed that it has reached an agreement with India to end the standoff between the two armies in eastern Ladakh.
He said that the two nations will have issues in the foreseeable future. However, there are ways of addressing those issues and what happened in 2020 was not the way to address those issues.
In the talks, China emphasised that the two sides should proceed from the fundamental interests of China, India and adhere to the strategic height and long-term perspective of China-India relations, the readout said.
India expects to see the bank established as soon as possible.
BRIC economies are currently worth around $11-12 trillion.
The US move to align with Russia is prompted by fear of a Sino-Russian joint threat. Russia, fully aware of its military vulnerability vis a vis China may cautiously welcome the American move, assesses Colonel Anil A Athale (retd).
The Brics Development Bank was mooted at a summit in New Delhi in March this year as an alternative to the International Monetary Fund.
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.
India will have the presidency of the BRICS' $100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.
In their first structured bilateral talks in nearly five years, Prime Minister Narendra Modi and Chinese President Xi Jinping Wednesday agreed that India and China can have a 'peaceful and stable' relationship by displaying maturity and mutual respect and endorsed the pact on the resolution of the dragging eastern Ladakh border row.
'By crudely dragging the topic into the bazaar to flog it for momentary pleasure, we turned it into a dead carcass by the time Modi even got back from Xiamen,' says Ambassador M K Bhadrakumar.
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
Modi in his address to the BRICS Leaders Meeting in Hangzhou said "terrorists in South Asia or any where for that matter do not own banks or weapons factories". "Clearly someone funds and arms them and BRICS must intensify joint efforts not just to fight terror but to coordinate actions to isolate those who are supporters and sponsors of terror," he said, without naming Pakistan which is a close ally of China.
India and China have not ruled out a Modi-Xi meeting during the summit.
Delhi's appeasement strategy may now translate as more mega arms deals with the US, generating substantial business and job creation in the American economy. Make no mistake, Americans will use it to pressure India, predicts Ambassador M K Bhadrakumar.
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
India and China have held their first diplomatic talks since withdrawing troops from two face-off points in eastern Ladakh, reflecting on the lessons learned from the border row to prevent future incidents. The two sides agreed to maintain peace and tranquillity in border areas, prepare for the next meeting of Special Representatives on the boundary question, and highlighted the importance of regular exchanges and contacts at diplomatic and military levels. The talks come after the completion of the disengagement process from the last two friction points, following an agreement finalized in October 2022.
US President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, Niti Aayog CEO BVR Subrahmanyam said on Wednesday. Trump last week vowed to introduce 25 per cent tariffs (or customs duty) on imports from Mexico and Canada and an additional 10 per cent on China.
Prime Minister Narendra Modi on Sunday termed the BRICS as 'Building Responsive, Inclusive and Collective Solutions'.
National Security Advisor Ajit Doval arrived in Beijing on Tuesday to take part in the India-China Special Representatives' talks to be held on Wednesday aimed at restoring the bilateral ties stalled for over four years' due to the military standoff in eastern Ladakh.
BRICS countries - Brazil, Russia, India, China and South Africa - should combine their "huge potential" to better coordinate on issues such as the world economy, the democratic and equitable world order and global governance reform, Singh told China's Xinhua news agency.
The report projected that the BRIC economies together could be larger than some of the richest countries today, in terms of US dollar by 2025 and they could account for half the size of G6 countries against 15 per cent at present.
The Brics line-up has yielded to a shaky China-India story, with new question marks over China even as India remains a "B+" performer, says T N Ninan.
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.
PM stressed that 'response to terrorism must be nothing less than comprehensive'.
China has said that the disengagement of troops in eastern Ladakh by the Chinese and Indian armies is going on "smoothly" following a recent agreement between the two nations.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
President Droupadi Murmu addressed both Houses of Parliament, highlighting the government's achievements in various sectors, including economic growth, social welfare, and infrastructure development. She emphasized the government's efforts to lift the economy out of "policy paralysis" and create a more inclusive society. Murmu also acknowledged the challenges posed by digital fraud and cybercrime and stressed the need for a social infrastructure revolution. The President's speech is considered a policy statement, outlining the government's vision and roadmap for the future.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
The sources have said that patrolling will begin at these points once the disengagement that began last week is completed and both sides will move their respective troops and dismantle temporary structures.
India and China have implemented a pact on patrolling in Depsang and Demchok along the Line of Actual Control (LAC) in eastern Ladakh, as per agreed modalities and timelines. The agreement was reached on October 21 and includes provisions for disengagement and patrolling in the last two friction points in the region. The pact has been effected and implemented as agreed, with both sides resuming patrolling activities and grazing, where applicable, as per longstanding practice before the friction began. The terms of the disengagement agreements reached prior to the latest pact continue to hold in relevant areas in eastern Ladakh. The agreement applies mutually to both sides and is without prejudice to India's positions on the LAC or boundary lines. India and China are each carrying out one round of patrolling in Depsang and Demchok, but they have maintained their deployment of troops along the LAC. The focus now is on de-escalation of the overall situation. The agreement was endorsed by Prime Minister Narendra Modi and Chinese President Xi Jinping in a meeting in Kazan, Russia, signaling attempts to normalize ties.
The prime minister also said that country nurtures a mindset that loudly proclaims that terrorism is justified for political gains.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Army Chief General Upendra Dwivedi Monday said there is still a 'degree' of standoff between the Indian and Chinese militaries along the Line of Actual Control in eastern Ladakh and both sides need to sit down and firm up a broader understanding on how to calm down the situation.
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The ministers also expressed concern over the slow pace of global economic recovery and stressed that 'the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy'.
The BRICS also called upon all nations to adopt a comprehensive approach in combating terrorism including countering radicalisation and blocking terror financing sources.
India and China have made "some progress" in disengagement, External Affairs Minister S Jaishankar said on Sunday, describing it as a "welcome" move which opens up the possibility that other steps could happen.
The business council aims to give impetus to trade.
