India expects to see the bank established as soon as possible.
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
The Galwan clash occurred six months after the Doklam disengagement and two high-profile meetings. India should not be caught by surprise once again, asserts former foreign secretary Shyam Saran.
In the talks, Putin hoped that Prime Minister Narendra Modi will travel to Russia's Kazan next month to attend the annual BRICS summit.
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 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
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.
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.
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 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.
In his meeting with Prime Minister Narendra Modi on the sidelines of the 16th BRICS Summit in the Russian city of Kazan, Xi said that China-India relations are essentially a question of how the two large developing countries and neighbours, each with a 1.4-billion-strong population, treat each other, it added.
"The Modi government's approach to the entire crisis could be described as DDLJ: Deny, Distract, Lie and Justify," Ramesh said.
Prime Minister Narendra Modi visited Ethiopia on a bilateral visit, engaging with Ethiopian leadership to strengthen partnerships in various sectors. He was warmly welcomed by Prime Minister Abiy Ahmed Ali and participated in cultural events, highlighting the strong ties between the two nations.
China has honored an army regiment commander who was injured in the Galwan Valley border clash with Indian soldiers in 2020 as an outstanding member of the national advisory body - Chinese People's Political Consultative Conference (CPPCC). Qi Fabao, who was made the torchbearer for the Winter Olympics in 2022, was among the 33 individuals honored with the 2024 Outstanding Performance Award for CPPCC Members. The incident, which resulted in the deaths of 20 Indian soldiers, led to a freeze in relations between the two countries for over four years. Ties were restored after a meeting between Prime Minister Narendra Modi and President Xi Jinping in October 2023.
The Galwan clashes indicate to the limitations in relations if they do not address border stability, points out Srikanth Kondapalli.
The Galwan clashes indicate to the limitations in relations if they do not address border stability, points out Srikanth Kondapalli.
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
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
Defence sources stated that the disengagement involves removing infrastructure and withdrawing troops from both sides. The process is expected to be completed by Tuesday.
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.
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'.
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.
'...it should not delude itself into thinking that India's security or its great-power ambitions will be advanced by those partnerships.'
'Instead, what India should focus on is on riding out the next three-and-a-half years of Trump's presidency with minimal damage to itself.'
'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.
Lavrov, who addressed the UN General Assembly shortly before External Affairs Minister S Jaishankar's speech at the high-level General Debate, said India and Russia share a "particularly privileged strategic partnership".
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.
'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.'
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.
China on Tuesday confirmed that it has reached an agreement with India to end the standoff between the two armies in eastern Ladakh.
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."
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
The collective West has always opposed strong leaders and economic development in India, asserts Colonel Anil A Athale (retd).
'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.'
