Related Topic in KAS Prelims Syllabus:
International Relations [Paper-I]: India’s Foreign Policy, International Organisations, International Treaties and Forums, their structure and mandate
Prime Minister Narendra Modi addressed the BRICS Business Forum and held separate bilateral meetings with Russian President Vladimir Putin and Chinese Premier Xi Jinping, on the sidelines of BRICS Summit in Brazil.
11th BRICS Summit (Nov 13-14, 2019)
- The Summit is being held at Brasilia in Brazil, with the theme ‘Economic Growth for an Innovative Future‘.
- It will focus on strengthening ties among the world’s five major economies in key areas such as digital economy, science and technology, and also build mechanisms for counter-terrorism cooperation.
- During the summit, the five nations will aim to significantly strengthen their cooperation in science, technology and innovation
- BRICS is the acronym coined for an association of five major emerging national economies — Brazil, Russia, India, China and South Africa.
- The grouping brings together five major emerging economies comprising 42 per cent of the world’s population, having 23 per cent of the global Gross Domestic Product.
- It does not exist in the form of an organization, but it is an annual summit between the supreme leaders of five countries.
- The acronym “BRIC” was initially formulated in 2001 by economist Jim O’Neill, of Goldman Sachs, in a report on growth prospects for the economies of Brazil, Russia, India and China, which together represented a significant share of the world`s production and population.
- In 2006, the four countries initiated a regular informal diplomatic coordination, with annual meetings of Foreign Ministers at the margins of the General Debate of the UN General Assembly (UNGA).
- In 2011, on the occasion of the Third Summit, South Africa became part of the group, who adopted the acronym BRICS.
Source: The Hindu, India Today