Full coverage: Xi Visits Cambodia, Bangladesh, Attends BRICS summit

Leaders from China, Russia, India, Brazil and South Africa have gathered in the western Indian state of Goa for the 8th BRICS summit. They are set to discuss cooperation and issues of common concern. On Saturday, trade and counter-terrorism topped the agenda.

The red carpet was out as Chinese President Xi Jinping arrived for his two-day BRICS summit in Goa, India

BRICS - consisting of Brazil, Russia, India, China and South Africa -- makes up 42 percent of the world's population and accounts for 16 trillion U.S. dollars to the world economy

A day of bilateral talks started with Indian Prime Minister Narendra Modi and Russian President Vladimir Putin's. Their meeting ended with the signing of a pact on delivery of an advanced air defense system and an agreement for two new nuclear reactors at Kudankulam in South India.

But all eyes were on the bilateral meet between China and India

Both countries agreed to cooperate on counter terrorism and increased trade. China said India has more in common than differences, and both should build on it.

Prime minister said that today no country is immune from terrorism. Hence, this is an issue on which we cannot afford to have any differences. In particular, prime minister said India and China must increase their coordination in the context of the United Nations 1267 Committee and look for common ground," said Vikas Swarup, spokesperson of Indian Foreign Ministry.

One of the most important goals is to agree on One-Belt One-Road, which aims to connect Asia to Europe through Central Asia and Europe by road and through the Indian Ocean by sea

For India, it's imperative to increase investment with China a topic that will be taken up at the BRICS summit as well as a focus on boosting trade among the BRICS nations.