India has been hoping with the South Africa’s support to pressurize for a proposal at BRICS summit in Russia which would be held on the ninth of July for the Entrepreneurs Special Multiple Entry Business Visas from the five states which are constituent for the travel to be made easy among the nations which are grouping.
The proposal expects simplifying the five year validity of visas with the various nations of BRICS multiple entry with an audit on the investments rising and the volume of trade among states which are constituent. The group consists of India, Russia, China, Brazil and South Africa.
The controversy was conferred during the ninth joint commission meeting of India and South Africa which was held during the month of May in Durban and the people familiar with the issue stated that the places for consideration will be including the longer period expansion of the multiple entry business visas and the research of the proposal for the business travel card of the Brics to be launched.
The Minister Swaraj has summoned the South Africa’s decision of issuing the long term multiple entry visas for the executives of business from the nation of BRICS stated a joint communique during the end of the meeting of joint commission at which the Sushma Swaraj, the foreign minister has led India. The concept for the special business visa or the Brics travel card of business was recommended first in South Africa at the wind-up of the fifth summit of BRICS during the year 2013.
Brazil and Russia had the reservations in the past on the special visas but the states which are constituent of Brics have been trying to enclose the differences on the issue. The nations of Brics account for nearly $16 trillion in the GDP and a 40% population of world present with most of the opportunities for the entrepreneurs and the investors.
There is potential for large bilateral trade between India and the Russia prospects which brightened the transport corridors in central Asia and deal which is nuclear that they may open the latest routes for the region of Eurasia with Iran.
Russia is the eight largest exporters in the world with the exports of nearly $490 billion during the year 2014; its share in India’s imports is miniscule 0.95%. India’s share in Russia imports is low at 0.78%.
South Africa has already been giving business men from BRICS the access which is easy to the Country. The Minister of Home Affairs, Malusi Gigaba, South Africa has stated that he approved the entry visas port issuing to the executives of business to ten years, with each visit which must not be crossing 30 days.