Modi for simplifying intra BRICS Business |
Prime Minister Narendra Modi on Thursday called for simplifying the intra¬-BRICS business which in turn will increase mutual trade and investment among the five member nations of the grouping. Addressing the BRICS Business Forum, PM Modi said, “Tax and Customs procedures between us five countries are getting easier. The business environment is getting easier with the collaboration between Intellectual Property Rights, and Banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated.” He also urged the BRICS business leaders to identify the priority areas in business for the next ten years and make a blueprint of it. He added that `BRICS` market size, diversity and complementarities are very beneficial to each other. For example, if there is technology in one BRICS country, then in other are present the related raw materials or markets. Such possibilities are especially present in electric vehicles, digital technology, fertilizer, agricultural products, food processing, etc. I would urge the Forum to map such complementarities in five countries.” He appealed for identifying five complementarities areas by the next BRICS Summit in which joint ventures can be formed.
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