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First BRICS Trade Fair gets underway in Delhi
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SME Times News Bureau | 13 Oct, 2016
The first trade fair of the
BRICS countries, aimed at deepening their economic engagement, trade and
investment ties, got underway in Delhi on Wednesday, to be followed by
meetings of the BRICS Business Forum and BRICS Business Council, ahead
of the leaders' summit in Goa later this week.
India is the chair for the 2016 BRICS (Brazil, Russia, India, China, South Africa) group of emerging economies.
Holding
a BRICS Trade Fair and Exhibition was proposed by Prime Minister
Narendra Modi in 2015 during his address to the members of the BRICS
Business Council at Ufa, Russia.
The trade fair, being held at
the Pragati Maidan exhibition ground here, is according to the Indian
commerce ministry, showcasing about 20 key sectors. These include
aerospace, agro-processing, auto and auto components, chemicals, green
energy and renewables, healthcare and pharmaceuticals, railways,
textiles and apparel, infrastructure, IT, engineering goods, tourism,
gems and jewellery and skill development.
"The BRICS Trade Fair
will be a platform for respective BRICS countries to exhibit the
state-of-the-art technologies and advances made in industrial
development," the ministry statement said.
Besides, business
leaders from BIMSTEC countries (Bangladesh, Bhutan, Myanmar, Nepal, Sri
Lanka and Thailand) also have been invited for meetings and discussions
with the BRICS business leaders and companies at the trade fair, it
added.
"Over 600 exhibitors are showcasing their products and
expertise at the BRICS Trade Fair," industry chamber FICCI, the
organisers of the three-day event, said in a statement.
According
to the Commerce Ministry, the BRICS Business Forum, to be held on
Thursday, will see participation from over 1,000 business delegates from
all BRICS countries.
The global merchandise exports of BRICS countries have gone up from $3.2 trillion in 2012 to $3.47 trillion in 2014.
Similarly,
merchandise imports from the world into BRICS nations have gone up from
$2.95 trillion in 2012 to $3.03 trillion in 2014.
In 2012, intra-BRICS trade stood at $281.4 billion and this increased to $297 billion in 2014.
"This
encouraging trend needs to be strengthened as trade amongst BRICS
nations is less than 5 per cent of their total global trade," the Indian
commerce ministry said.
Meanwhile, it was announced at the
trade fair that in order to encourage more Indian investment and to
create a legal framework, India and Brazil will sign the 'Agreement
cooperation and facilitation investment' in Goa on the sidelines of the
BRICS leaders' summit on October 15-16.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.65 |
Euro
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75.65 |
Japanese
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56.85 |
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