"[BRICS] will take part constructively in the processes of solving geopolitical issues", he said. As for Chinese initiative the Belt and the Road, 68 countries and worldwide organizations have signed agreements with China.
The five-member bloc of Brazil, Russia, India, China and South Africa was formed in 2006.
The guest countries are Thailand, Mexico, Guinea, Egypt and Tajikistan. Set up in 20l5 as an alternative to the World Bank, the Shanghai-headquartered NDB was seen as the first major BRICS achievement after the group came together in 2009 to press for a bigger say in the post-World War Two financial order created by Western powers.
Modi and Xi are expected to meet on Tuesday, almost a week after the two countries announced resolution of the 73- day-long Dokalam standoff.According to officials, the two leaders are scheduled to hold a meeting on September 5 on the sidelines of the 9th Brazil-Russia-India-China-South Africa (BRICS) Summit.
After the BRICS Summit, Modi will travel to Myanmar. "There is huge potential for cooperation between China and India".
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"We BRICS countries are committed to upholding global peace and contributing to the worldwide security order", the Global Times quoted Xi as saying. Earlier, Luo made a statement to the Chinese media expressing his "hope that China and India could open up a new chapter in the development of bilateral relations taking the forthcoming 9th BRICS summit as an opportunity".
The five countries now represent 44 percent of the world's population and 23 percent of global Gross Domestic Product (GDP) face a sluggish global economy and setbacks in globalization, the group turning 11 this year may put a new shine on emerging markets and developing countries, commented Xinhua news agency.
The BRICS leaders will also attend the opening ceremony of the BRICS Cultural Festival and Photo Exhibition, a meeting of the BRICS Business Council. The NDB's president on Friday said it aims to make about $4 billion in loans next year.
Meanwhile the Indian PM has added that India attaches high importance to the role of BRICS as it is bent on progress and peace.
The Russian President also voiced readiness to work in promoting global financial regulation reforms and overcoming the excessive domination of the limited number of reserve currencies.