India participated in a recently held 11th BRICS Summit 2019, where a total of 5 countries took part to discuss various factors that will affect the world economy. BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. BRICS officially came into existence in the year 2010. In this blog, we will see a few facts about the BRICS countries, its formation and the highlights of the 11th BRICS Summit 2019, held this year.
11th BRICS Summit 2019 – About
BRICS Summit was organized in the city of Brasilia, Brazil for the year 2019 on 13th & 14th Nov. The theme of the 2019 BRICS summit is “Economic Growth for an Innovative Future.” Few unknown facts about BRICS are as mentioned below:
- BRIC term was coined by Jim O’Neil, a British Economist (who is now the chairman of Goldman Sachs Asset Management) in 2001, on the pretext of 4 emerging and developing countries of that time.
- BRIC was officially formalized in the official meeting of the representative ministers in 2006.
- Initially, South Africa was not a member of BRIC association.
- In 2010, South Africa was introduced in the committee thus making it “BRICS”.
The BRICS Summit is conducted annually, the business leaders meet annually to discuss the approach for the improvement of the economy and also the issues that remain for concern in the foregone year. BRICS comprises 42.58% of the world’s population, has 50% of the global economic growth, around 17% of the world trade and 13.24 of the World Bank voting power.
The Chairmanship of the Forum is rotated on an annual basis in the order of B-R-I-C-S. Currently, Brazil holds the chair for this session.
Representatives for the BRICS Summit 2019 were as follows:
- Brazil – Prime Minister Jair Bolsonaro
- Russia – President Vladimir Putin
- India – Prime Minister Narendra Modi
- China – Premier Xi Jinping
- South Africa – President Cyril Ramaphosa
Highlights of BRICS Summit 2019
The participating members of the BRICS association agreed and adopted the ‘Brasilia Declaration’. Let’s further see what is Brasilia Declaration?
It proposes the intervention of the UN in the international affairs that go out of hand and establish a respect for international law. This is also termed as the multilateralism.
Reforming Multilateral Systems: There is an urgent need to strengthen and reform the UN and other multilateral organizations, including the ‘World Trade Organization’ and the International Monetary Fund, this step is needed to be implemented at the earliest as due to significant challenges that are faced in the governance, the emerging economies are suffering.
Support to Multilateralism: Multilateralism will help emerging countries protect their interests. The best example of this would be the Trade war that is going on between the US and China. Their trade war is affecting the global economy to a larger extent, which became a major concern for the countries meeting at BRICS.
India’s stand in the BRICS Summit 2019
India put forward the concern of increasing terrorism in the world. As per PM Modi’s speech in the summit, the menacing threat of terrorism has caused the world economy of huge value of $1 trillion. He proposed various steps that are needed to be taken in to account in order to overcome this loss.
India invited the leaders of the participating countries to invest in India’s infrastructure development which will eventually help in increasing the trade participation of India.
India also proposed to hold the first meeting of BRICS Water Ministers in India.
Few decisions on the sideline of the meeting
Indian Prime Minister invited Brazilian PM as the chief guest for the Republic Day 2020 in India, Jair Bolsonaro accepted the invitations.
Brazil has decided to grant the Indian travelers with visa-free travel.
India and China had an informal discussion regarding the trade relations between the 2 countries. Chinese President also invited PM Narendra Modi for the 3rd informal meeting in China in 2020.
‘1st Bilateral Regional Forum’ between the Russian Provinces and the Indian States will be held in 2020.
That is all from us in this blog for 11th BRICS Summit 2019. We have covered the major highlights for the 2-day meeting held in the province of Brasilia, Brazil. Hope you find this blog useful with your regular current affairs preparations.
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