4th BRICS Summit kick starts in New Delhi today, focusses on widening intra-BRICS trade

NEW DELHI: The fourth BRICS summit kick starts here today with the leaders of five leading economies (Brazil, Russia, India, China and South Africa) to share opportunities, common challenges and to review the situation in the region.

The summit is mainly focussed to discuss and chalk out ways to promote intra-BRICS trade and to create a new development bank. The fourth Summit is themed as 'BRICS Partnership for Global Stability, Security and Prosperity'.

The leaders of five economies have been arriving since Tuesday to attend the Summit. Chinese President Hu Jintao arrived on Wednesday afternoon, accompanied by a high-profile delegation comprising Foreign Minister Yang Jiechi, State Councillor Dai Bingguo, senior ministers and business leaders, Russian President Dmitry Medvedev, who arrived early this morning, has a big business group apart from senior officials.

Brazil President Dilma Roussef arrived yesterday morning, while South African President Jacob Zuma arrived with his wife Nompumelelo Ntuli and official delegation this morning. Prime Minister Dr Manmohan Singh will hold bilaterals with the leaders after the Summit.

India is likely to come up with the issue of huge imbalance in bilateral trade which has exceeded about USD 70 billion in the meet.