The Jindal Global Law School, Sonepat recently organised a conference in conjunction with the Indian Institute of Foreign Trade and the FGV Law School, Sao Paulo, Brazil. The conference sought to focus on the emerging economies of Brazil, Russia, India, China and South Africa (BRICS). The two-day conference, held from December 6-7, 2012 also saw technical sessions on the themes of Foreign Direct Investment; International Trade; Capital Market and Development Finance; Development Narratives and Comparative Legal and Judicial Reforms in BRICS nations. a host of panel discussions.
Delivering the presidential address, TKA Nair, Advisor to the Prime Minster of India (pictured right), stated that BRICS is now examining a proposal to set up a BRICS-led Development Bank. Nair also announced that a number of innovative ideas like the BRICS Exchange Alliance, swap arrangements among BRICS national currencies and reserve pooling are now being examined carefully. He observed that BRICS is clearly the primary vehicle for sustained global economic growth and recovery. “BRICS is thus perhaps best seen as a ‘new growth pole in a multi-polar world”, he added. He stressed the need for BRICS countries to learn from and co-operate with each other, on order to grow collectively.
Dr. Parthasarathi Shome, Advisor to the Union Finance Minister and Chairman, Prime Minister’s Committee on General Anti-Avoidance Rules (GAAR), delivered a Special Address on the theme of ‘Capital Market and Development Finance’. Emphasising on the problems and challenges in the area of development finance, he observed ‘India has a well-regulated financial sector. It needs to reach an optimum level of control and maintain a fine balance, thereby not killing the agenda of development finance. Also, the Government should bear the burden of risk allocation and risk mitigation in financing infrastructure.’
Mr. Sudhir Vyas, Secretary (Economic Relations), Ministry of External Affairs, Government of India, elaborated on the contemporary relevance of the theme and summarised the ten points suggested in the first ever BRICS Economic Study done under India’s co-ordination, focussing on the synergies and complementarities of the BRICS economies. He explained the best practices as practised by the BRICS members to deal with issues, among others, is to supply side constraints, global governance, income inequality, urbanization and need for an enabling geo-political environment.
Vice Chancellor, JGU, Professor Dr. C. Raj Kumar said, "The BRICS conference organised by O.P. Jindal Global University in collaboration with the FGV in Brazil and the Indian Institute of Foreign Trade provided a unique opportunity to systematically examine the business, legal, regulatory and development opportunities provided by the emerging economies of the world. It underscored the need for closer cooperation and partnership across all areas of economic development including international trade, foreign direct investment, and capital and development finance among the countries of the BRICS."
This post was prepared by JGLS student Shreyas Gupta.