BRICS to double the size of intra-grouping trade to $500bn by next 5yrs

BRICS nations set a target to double the size of intra-grouping trade to $500bn by next five years and it requires businesses and industry in all 5 countries to scale up their engagement. Prime Minister Narendra Modi said the agreement between BRICS nations on a tax and custom cooperation framework is a good start. BRICS nations on Sunday also decided to establish an independent rating

agency based on market-oriented principles saying it would further strengthen global governance architecture. BRICS countries have already set up New Development Bank, which became operational last year, to meet funding requirements of the members.