Background: Intra-BRICS trade, BRICS summit.
- To boost trade among the BRICS nations, India (for the first time) will organise a trade fair for the bloc that also includes Brazil, Russia, China and South Africa.
- Intra-BRICS trade in 2014 was just $297 billion – less than five per cent of the $6.5 trillion worth trade that the five countries had with the world that year.
- The first BRICS Trade Fair & Exhibition will be held from October 12-14 in the national capital, ahead of the BRICS political summit in Goa (Oct 15-16 2016). This initiative was proposed by PM Modi last year.
- The focus of the Fair is Building BRICS – Innovation for Collaboration. The Fair is meant to give an impetus to intra-BRICS economic engagement. It will showcase about 20 key sectors. These include aerospace, agro-processing, auto, chemicals, green energy, healthcare, railways, textiles, infrastructure, IT, engineering goods, tourism, gems & jewellery and skill development.
- Leaders from Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand have been invited for meetings at the Fair.