Thursday, July 17, 2014

For Narendra Modi, first BRICS trip a success

Prime Minister Narendra Modi wrapped up his first major multilateral visit to a foreign country on Wednesday, having separately met China President Xi Jinping, Russia President Vladimir Putin, Brazil President Dilma Rousseff and South African President Jacob Zuma over the last two days in Fortaleza and Brasilia.

In a breakthrough at the Sixth BRICS Summit, India got the presidency of the New Development Bank — the name that Modi endorsed in his departure statement in Delhi — that was launched with an initial capital of $50 billion on Tuesday after the leaders signed the Fortaleza Declaration. While China walked away with the bank’s headquarters, which will be located in Shanghai, New Delhi got Beijing to agree on equal shareholding rights for all members... .

For Narendra Modi, first BRICS trip a success | The Indian Express