The second BRICS Finance Ministers and Central Bank Governors’ meeting held under the India’s 2016 Chairmanship of the BRICS Forum discussed strategies on enhancing global growth, key issues of co-operation under the G-20 agenda, international financial architecture and regulatory reforms and the way forward on new areas of co-operation. The Meeting was held  in Goa. The meeting was co-chaired by the Union Finance Minister, Shri Arun Jaitley and Governor, RBI, Dr. Urjit Patel.

During the meeting, the countries agreed that the BRICS economies have a vital role to play in ensuring that the global economy is rejuvenated. Further, they also discussed policy instruments that are being used by each one of them in ensuring that the growth of their domestic economy is stimulated. The need for BRICS countries to co-operate and co-ordinate on the G20 issues was re-iterated. Countries discussed on ways and means by which the BRICS countries can ensure that the interest of the emerging market economies are addressed in the various work streams of G20. The timely implementation of the 15th General Review of Quotas was emphasised by all the BRICS countries.

Members also discussed on the way forward on the new areas of co-operation proposed by India, namely, BRICS Institute of Economic Research and Analysis as well as BRICS Credit Rating Agency.

Ministry of Finance, Government of India in partnership with Reserve Bank of India(RBI) and Research and Information System (RIS), organized the first BRICS Economic Forum on 13th-14th October 2016 in Goa, in run-up to the BRICS Leaders’ Summit. The event was the first of its kind attempting to bring together finance ministries, central banks, think tanks, bankers, business houses and other key stakeholders of BRICS economies to a common platform to have seminal discussions and exchange views on new and ongoing issues of mutual interest among BRICS countries.

The event was attended by eminent personalities and sector experts, including Vice President of the New Development Bank, Mr. Paulo Batista; Dr. Urjit Patel, Governor, RBI, Dr. Subir Gokarn, Executive Director, IMF; Mr. Yaduvendra Mathur, CMD EXIM Bank; Mr. James Crabtree, Contributing Editor (Financial Times) etc.

The participants had engaging discussion on the role of BRICS in Multilateral Institutions, Financing for Development, Innovation Economy and Financial Markets. Hon’ble Finance Minister also had a stimulating conversation with BRICS media representatives and domain experts on multiple issues, such as the Indian infrastructure narrative, asset quality management, credit rating, and skill development. Secretary, Department of Economic Affairs (DEA), Ministry of Finance in his remarks highlighted on the fundamental challenges in the global economy and the policy initiatives undertaken by India to maintain her growth momentum.

The representatives of BRICS central banks exchanged views on global norm setting, policy coordination and crisis management, keeping in view the increasingly important role of BRICS countries in the global decision making process. The event ended with the Finance Minister providing his valuable views on how BRICS countries can cooperate with one another for Sustainable Development.

International financial cooperation drives BRICS coordination on G20 agenda, financial architecture and regulatory reform strategies. BRICS leaders emphasised international financial cooperation to boost global growth through coordinated participation in G 20 work streams, financial architecture and regulatory reforms. They stressed policy coordination on norm setting, crisis management and multilateral financing to protect emerging market interests and urged timely implementation of quota reviews. The meeting advanced proposals for institutional mechanisms including the BRICS Institute of Economic Research and Analysis and a BRICS Credit Rating Agency, and provided a multi stakeholder forum to discuss financing for development, innovation, financial markets and sustainable development cooperation.