Crucial issues, including the situation in Syria, Iran and euro crisis, are expected to come up for discussions at the Summit of five-nation grouping Brics which is also expected to ink a pact that would pave the way for lending in local currencies if domestic laws permit.
The leaders of five emerging economies of Brazil, Russia, India, China and South Africa during the March 29 meet, will also come out with 'Delhi Declaration' that would outline their positions on the fast-evolving situation in the region.
The Summit is also expected to find a "common denominator" on these crucial issues given the fact that these countries have taken different positions in the recent past in the UN on country-specific resolutions.
At the Summit during which India will take over the chairmanship of Brics, the member countries are expected to sign two enabling agreements -- Master Agreement on Extending Credit Facilities in Local Currency and another one on local credit facility.
The Brics nations had during their last summit in Sanya in China had signed a framework agreement to enable them to grant credit in local currencies.
"Two agreements would be signed during the Summit. These emanate from decisions taken in Brasilia. These are framework agreements arrived after banks of all five countries met twice. These are enabling agreements subject to national laws," Sudhir Vyas, Secretary (ER), Ministry of External Affairs, told reporters, briefing about the Summit.
Meanwhile, Russian Ambassador Alexander Kadakin said that apart from discussions on the reform of IMF, the leaders will also review international political issues, with the situation in Syria and around it being in the forefront.