India, China, Russia, Brazil and South Africa on Thursday signed an agreement that will enable them to provide credit to each other in local currencies and collaborate in capital markets and other financial services.The Agreement was signed by the designated banks of the five countries at a Summit of Brazil-Russia-India-China- South Africa (BRICS) here which was attended by Prime Minister Manmohan Singh.The pact was signed in tune with the BRICS countries' commitment to increased cooperation in economic, finance and trade matters to support their sustained national economic growth and contribute to the "long-term steady, sound and balanced growth of the world economy."
"Our designated banks have signed a framework agreement on financial cooperation which envisages grant of credit in local currencies and cooperation in capital markets and other financial services," Prime Minister Singh announced at a joint press conference along with Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma.
Earlier, addressing the Summit, Dr. Singh said the challenge before the BRICS countries was to harness the vast potential that exists among them as all are rich in resources, material and human.
"Our designated banks have signed a framework agreement on financial cooperation which envisages grant of credit in local currencies and cooperation in capital markets and other financial services," Prime Minister Singh announced at a joint press conference along with Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma.
Earlier, addressing the Summit, Dr. Singh said the challenge before the BRICS countries was to harness the vast potential that exists among them as all are rich in resources, material and human.
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