The so called Brics countries – Brazil, Russia, India, China and South Africa – have vowed to forge closer trade ties at the end of their annual summit in Goa.
Leaders approved a raft of measures in Goa including a promise to better fight tax evasion. They also agreed to set up a new credit ratings agency.
Earlier, China’s President Xi warned that anti-globalisation and increasing protectionism was putting the world economy at risk.
“The global economic recovery remains fragile. Global trade and investment have slumped. Commodity prices continue to fluctuate. The underlying problems, which could trigger a global financial crisis, have not been solved.”
The Brics leaders also pledged to work closer on combating ‘‘cross border’‘ terrorism. But, India’s guests shied away from criticising arch-rival Pakistan, despite pressure from New Delhi.