India to discuss visa regime, trade in national currencies at BRICS summit

NEW DELHI, July 3. /TASS/. The priorities of India in BRICS / Brazil, Russia, India, China, South Africa / will be relieved of the visa regime between the countries-members of the group and promotion of trade in national currencies, Chairman of the Business Council of BRICS (Brazil, Russia, India, China, South Africa) from India Onkar S. Kanwar said in an interview with TASS. "Our priorities are: to have a special arrangement for grant of long term visas for bona-fide business people from BRICS countries, to promote trade in local currencies within the BRICS grouping, to work with the New Development Bank," he said. The visa regime simplification, for which the Indian side calls, provides for issuing multiple 5-year visas to businessmen for travelling in all five BRICS countries without the need to obtain additional documents. "We also intend to prepare a Common Declaration on Investment Principles that would ensure a level playing field for all businesses in each other’s country" within BRICS, he said. "The Indian side is looking forward to discussions at the forthcoming BRICS Business Council meetings in Moscow and Ufa, Russia," Kanwar added. The main meeting of the BRICS Business Council will be held in Ufa on July 8. Prior to that, the working groups of the Business Council will meet in Moscow on July 6. "We are going to finalise the second Annual Report of the BRICS Business Council and the same will be presented to the Heads of State at Ufa, Russia. While there are several high points contained in the report, I think as a group we are keenly looking towards the New Development Bank and its guiding principles. The NDB will be in focus during our discussions at the BRICS Business Council meeting," Kanwar said. BRICS brings together five countries: Brazil, Russia, India, China and South Africa. The organisation was founded in June 2006 within the framework of the St. Petersburg Economic Forum (it was initially called BRIC, before South Africa joined it in 2009). Russia holds the BRICS presidency in 2015, and in the period from April 2015 till April 2016 Russia presides over the BRICS Business Council. The organisation’s 2014 summit signed an agreement on the establishment of the BRICS New Development Bank to finance infrastructure projects and sustainable development projects in BRICS states and developing countries. Read more