Prime Minister Narendra Modi is attending the 11th BRICS summit to be held on November 13 and 14 in Brasilia. The visit is also significant from the bilateral India-Brazil point of view as India is expected to host Brazil President Bolsonaro as the Republic Day Parade chief guest in 2020 January.

BRICS Bond Fund

This BRICS summit is discussing about BRICS Bond Fund. This fund will help member countries conduct intra-BRICS trade in national currencies, avoiding the U.S. dollar.

Source: The Hindu

Relevant for GS Prelims; IOBR