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Modi reaches China to attend BRICS Summit (Second Lead)

03 September 2017

Speaking at the second NDB-BRICS Business Council Dialogue in Shanghai, ahead of a September 3-5 BRICS Summit in Xiamen, Fujian province in East China, President K.V. Kamath said the bank has operated smoothly over the last two years.

Apart from the group's members, five more countries will also take part in the Xiamen summit - Egypt, Mexico, Guinea, Tajikistan and Thailand.

On 5 September, there will be BRICS emerging markets-developing countries dialogue, which the spokesperson said is an opportunity for BRICS member countries to exchange views with the developing world and build broader partnership for development. Xi is expected to meet Modi separately because an absence of one-to-one meeting would send out signals of continuing distrust.

But New Delhi is not pleased because China has a huge advantage over India with its trade surplus growing 195.7 percent between 2009 and 2016 averaging 28% a year. In 2015, PM visited Myanmar to attend the Asean summit.

She also indicated that raising the issue might affect the success of the summit.

Modi arrived at the Chinese coastal city of Xiamen to attend the BRICS meeting along with leaders of four other countries late Sunday evening.

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A direct meeting between the Prime Minister and the Chinese president is essential to soften the sense of distrust generated by the border standoff at Doklam which was resolved through an agreement recently.

Cold numbers show that India is very important to China in both political and economic terms.

The Russian President also voiced readiness to work in promoting global financial regulation reforms and overcoming the excessive domination of the limited number of reserve currencies.

While external affairs ministry spokesman Raveesh Kumar yesterday refused to "pre-empt" as to what Modi will speak during his intervention at the summit on Monday, sources said India is expected to flag concerns over terrorism strongly.

The upcoming BRICS summit will derive the way forward for practical and comprehensive cooperation between member countries and other emerging economies, the organizing committee said on Saturday.

He said India attaches high importance to BRICS, which has begun a second decade of its partnership for progress and peace. "The agenda of the 9th BRICS Summit includes important global issues, such as economics and worldwide economic governance; peace and security; people-to-people exchanges; institutional development and the 2030 Agenda for Sustainable Development", the press office member added. At the Xiamen summit, they will be taking aim at protectionist policies and values being instituted by US President Donald Trump and his European counterparts.

Modi reaches China to attend BRICS Summit (Second Lead)