Source: News Bharati English12 Oct 2016 17:08:23

New Delhi, Oct 12: New Delhi is all set to host the first ever BRICS Trade Fair. The three-day BRICS Trade Fair has been organised at the Pragati Maidan. 'Building BRICS - Innovation for Collaboration' is the theme of BRICS trade fair.

During this meeting of BRICS trade ministers, leaders of the BRICS countries will adopt a framework to enhance economic co-operation among the member nations. The idea of BRICS Trade Fair was coined by Prime Minister Narendra Modi in 2015 during his address to the members of the BRICS Business Council at Ufa, Russia.

The first trade fair of the BRICS countries has been organised for strengthening the economic ties and for enhancing the trade and investment among member nations.

Vice President M. Hamid Ansari and trade ministers of all BRICS nations have been invited to address the participants and share their vision for economic engagement at the BRICS Business Forum. Union Commerce minister Nirmal Sitharaman is also schedule to hold the bilateral talks with all the trade ministers during the day.

In this mega business event government will showcase the 20 sectors like include aerospace, agro-processing, auto and auto components, chemicals, green energy and renewable, healthcare and pharmaceuticals, railways, textiles and apparel, infrastructure, IT, engineering goods, tourism, gems and jewellery and skill development.

"The BRICS Trade Fair will be a platform for respective BRICS countries to exhibit the state-of-the-art technologies and advances made in industrial development," the ministry statement said. The BRICS Business Forum will be attended by 1,000 business delegates from all BRICS countries.

There are several sectors of interest to BRICS countries - a grouping of emerging economies of Brazil, Russia, India,China and South Africa - that will be represented at the trade fair, though the focus will be to showcase some of the best technologies available across BRICS nations to address BRICS countries main development challenges. The BRICS Trade Fair will also focus on 'start-ups' and will bring together young entrepreneurs from across BRICS nations on this platform.

The BRICS Business Council was established during the fifth BRICS Summit in Durban, South Africa, with the objective of promoting and strengthening business, trade and investment ties amongst the business communities of the five countries.

The global merchandise exports of BRICS countries have gone up from $3.2 trillion in 2012 to $3.47 trillion in 2014.Similarly, merchandise imports from the world into BRICS nations have gone up from $2.95 trillion in 2012 to $3.03 trillion in 2014. In 2012, intra-BRICS trade stood at $281.4 billion and this increased to $297 billion in 2014.