BRICS to promote economic momentum

The five major emerging economies of BRICS (Brazil, Russia, India, China and South Africa) are set to inject greater economic momentum into their grouping by signing two pacts. The deal is due to sign for promoting intra-BRICS trade at the fourth summit of their leaders in New Delhi on Thursday. The two agreements that will enable credit facility in local currency for businesses of BRICS countries will be signed in the presence of the leaders of the five countries, Sudhir Vyas, secretary (economic relations) in the external affairs ministry, told reporters here.