Thu, March 29, 2012
Business > Economy > President Hu Jintao on Asian Trip

BRICS summit in India to focus on boosting trade

2012-03-29 13:37:42 GMT2012-03-29 21:37:42(Beijing Time)  SINA.com

NEW DELHI — The leaders of the five fast-growing BRICS powers are meeting in New Delhi to harness their collective clout on the global stage and push plans for a new development bank and for trade in each other's currencies.

Members of the bloc of Brazil, Russia, India, China and South Africa say the measures would improve poor nations' access to development funds and boost emerging economies.

The BRICS nations represent 45 percent of the world's population and a quarter of its economy. They are looking to raise their trade from $230 billion to $500 billion by 2015.

The meeting came amid heavy security following the self immolation of a Tibetan exile at an anti-China protest Monday. Chinese President Hu Jintao's hotel was under virtual lockdown.

(Agencies)

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