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Delhi’s confirmation came after the visit of Chinese Foreign Minister Wang Yi The week after the visit of the Chinese Foreign Minister Wang Yi to Delhi, India has agreed to attend the virtual Summit of Brazilian-Russian-India-China-South Africa leaders, the possibility of being held at the end of June, the sources here have it confirmed.
The date of the meeting, who will see the Prime Minister Narendra Modi on the same platform as Russian President Vladimir Putin, Chinese President XI Jinping and Brazilian leaders and South Africa for the first time since the Ukrainian war began, still resolved, even though 23- June 24 has been recommended as a date for the summit.India held the Summit BRICS last year, which was also held virtually, and was attended by five leaders. This is the first peak organized by China because tensions broke out in the actual control line (LAC) due to PLA violations in April 2020.
Towards this year’s summit, Chinese Foreign Minister Wang Yi visited Delhi last month, which was seen may mark normalization of bond gradually. His visit was the first since the LAC plus-off began.
Ahead of G-7 meet
Significantly, the G-7 grouping leaders consisting of Germany, France, Britain, Italy, Japan, Canada, and M.S. Will meet in the Bavarian Alps on June 26-28, only a few days after the proposed BRICS summit. It is not clear whether PM Modi, who has traveled for bilateral meetings to Germany on May 1 is in a special invitation list to the G-7 summit, which is still prepared, officials said.
Meanwhile, a number of other preparatory meetings held for the BRICS summit. In a meeting on April 12, Minister of Health BRICS including Mansukh Mandaviya held a virtual launch of the “BRIC Vaccine R & D Center” to conduct “research with vaccines, construction of factories, authorized local production, and Rexual recognition,” China said the Ministry of Foreign Affairs. On Tuesday, counter-terrorism officials will meet to discuss “targeted financial sanctions related to terrorism and terrorist financing” during the plenary session.
Trade options
In front of the Summit, Sherpa of five countries, including the Secretary of the MEA for multilateral and economic relationships Dmuam Ravi, met virtually on April 12-13, to discuss the date and format of the next meeting. They also discussed the agenda, it is expected to include Ukrainian conflicts, financial mechanisms to deal with sanctions against Russia, and cooperation against Pandemic Covid-19.
In a statement released at the end of the Sherpa meeting, MFA China said Brics countries clarified “General Position of Ukraine” during the Sherpa meeting chaired by the BRICS coordinator and Minister of Foreign Deputy Minister Zhaoxu, expressed concern for the humanitarian situation in Ukraine, and Support for multilateralism, compliance with the United Nations Charter, respect legal security concerns from all countries, and support for sustainable dialogue between Russia and Ukraine.
Speaking at the meeting of the Minister of Finance BRICS earlier this month, Russian Finance Minister Anton Silanova called for the use of the national currency for BRICS countries, integration of payment systems and cards, their own financial messaging system and the creation of independent Bric ranking institutions. These steps will effectively avoid some sanctions imposed by the US and European Union, who do not join the countries of Brics.While India and China have been involved through the Brics framework, on the bilateral front, India to China for the past two years is that it cannot “business as usual” with the LAC crisis still has not been resolved.
Business with Beijing.
One normal normal field is the trade fronts, where business has boomed. Two-way trade in 2021 reached $ 125 billion, crossing a $ 100 billion sign for the first time, driven by Indian imports from Chinese goods, especially electronic products and chemicals, including active pharmaceutical materials (API), relied on by the pharmaceutical industry India.
Trade figures released last week showed a trend continuing to the new year, although New Delhi concluded that the intention to diversify import and reduce trade with China, with imports in the first quarter of 2022 reached $ 31.96 billion, up 15% from last year’s figure, The one itself is a record. Since the start of Pandemi, India also imports more medical equipment than China than other countries.
However, India has kept the steps to examine Chinese investment carefully. China’s private equity and VC investment fell below $ 1 billion for the first time since 2017, according to research company research. New Delhi has also examined the financial practices of Chinese companies in India, with Ed carrying out investigations and raids a number of companies, including Xiaomi, Huawei and Oppo. Last week, Ed called former Head of India Xiaomi, and VP Global at this time, Manu Kumar Jain, for the investigation whether it had fulfilled foreign exchange regulations.
However, some investments from China have been cleaned. The Minister of State for Trade and Industry of the SOM Parkash told Parliament last month India has received 347 FDI proposals from neighboring countries since April 2020. Most are expected to come from China or Chinese-related companies, and they have been cleaned, while 193 has been rejected or Pulled. Those who are cleaned include investment in the automatic sector, chemicals and electronics.
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