Addressing the BRICS Business Forum, the Prime Minister said that in the last 10 years, the intra-BRICS business has increased, and regulations should ease out to promote it further. He asked BRICS business Forum to study ways and means to bring down the cost of intra BRICS trade.
Prime Minister urged that forum should map at least 5 fields by next BRICS summit in which joint ventures can be made.
He said that economic complementarities between BRICS economics should be utilized. Prime Minister also urged the BRICS grouping to think of mutual social security agreements. He said that with political stability, business-friendly policies and greater ease of doing business, India offers unlimited opportunities and invited BRICS Business communities to increase their presence in India.
Mr Modi requested the private sector to get connected with human resource initiatives such as I-BRICS and BRICS Institute of the future network.
Addressing the forum, Chinese President Xi Jinping said he has received good ideas for multilateral trade cooperation and has identified areas for intra-BRICS trade. He assured the BRICS members to take necessary decisions to open up the Chinese market for them to improve business relations.