India proposes working group for BRICS development bankApril 20th, 2012 - 7:49 pm ICT by IANS
Washington, April 20 (IANS) India has suggested setting up a working group comprising officials from finance ministries and central banks of the five BRICS countries for the formation of a development bank to increase trade within the grouping.
“I propose that a working group be set up comprising representatives from our finance ministries, central banks and other experts co-chaired by India, as the current BRICS chair, and South Africa, as the next BRICS chair,” said Finance Minister Pranab Mukherjee.
He was addressing a meeting of the BRICS (Brazil, Russia, India, China and South Africa) finance minister here Thursday.
Mukherjee said the working group should be asked to submit its report by November this year and that would form the basis for formation of the proposed development bank.
“The working group may decide on its own composition, work plan and processes and report back to us by our next meeting in November 2012, so that we are in a position to report back to the leaders by the next BRICS Summit,” he said.
Leaders of the five emerging economies that together make up 43 percent of the world’s population and one-fourth of the global economy last month at a Summit in New Delhi had agreed to set up a development bank to boost intra-group trade.
“We now need to carry this process forward expeditiously as the leaders expect a report from us at the next summit in South Africa,” Mukherjee said.
- BRICS nations working to facilitate intra-grouping trade - Jul 19, 2012
- BRICS countries mull joint development bank - Mar 28, 2012
- BRICS targets $500 bn intra-group trade by 2015 - Mar 28, 2012
- BRICS sign two currency pacts, to set up joint bank - Mar 29, 2012
- BRICS to set up joint bank, backs dialogue on Iran, Syria (Roundup) - Mar 29, 2012
- BRICS to explore setting up development bank - Mar 07, 2012
- BRICS to work together at G20, WTO - Mar 28, 2012
- BRICS to ink currency pacts, to push joint bank - Mar 28, 2012
- BRICS to set up joint bank, for dialogue on Iran, Syria (Lead) - Mar 29, 2012
- Avoid political disruptions, India urges BRICS (Lead) - Mar 29, 2012
- Highlights of 4th BRICS Summit - Mar 29, 2012
- Hu in India Wednesday: trade imbalance, cultural ties on agenda - Mar 27, 2012
- BRICS Summit - Facts at a glance - Mar 28, 2012
- BRICS to sign pacts for trade in local currencies - Mar 26, 2012
- Pranab Mukherjee to attend G-20 finance ministers' meet in Paris - Feb 17, 2011
Tags: africa finance, brazil, brics, central banks, composition, emerging economies, experts co, finance minister, finance ministries, global economy, group trade, india china, New Delhi, population, pranab mukherjee, proposed development, russia, south africa, summit, working group