11th BRICS Summit

 

For: Mains

Topics covered:

• Key highlights of the 11th BRICS summit
• About BRICS

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News Flash

PM Modi is in Brazil for the 11th Brics Summit which has the theme ‘Economic Growth for an Innovative Future’.

This year’s summit is significant for India as the joint working group on counter-terrorism has decided to constitute five sub-working groups on counterterrorism in areas like terrorist financing, use of the internet for terrorist purposes, countering radicalisation, issue of foreign terrorist fighters and capacity-building.

Important initiatives like innovation BRICS Network, and BRICS Institution for Future Network will be considered during the summit.

 

Indian & Current BRICS summit

• From the Indian perspective, BRICS has emerged the voice of developing countries, or the global south.
• The Summit will be an opportunity for India to lay the groundwork for hosting the 2021 Summit scheduled in India.
• India will also be mindful of the fact that the G20 Summit to be hosted in India will take place in 2022, and this will be an opportunity to synergise the agendas.

 

Highlight

This year, the joint working group on counter-terrorism has decided to constitute sub-working groups in five areas:

1. Terrorist financing
2. Use of Internet for terrorist purposes
3. Countering radicalisation
4. The issue of foreign terrorist fighters
5. Capacity-building.

• It is expected that India will chair the subgroup on use of Internet for terrorist purposes.
• It is expected that leaders will discuss cooperation for economic development of BRICS societies.
• A meeting of BRICS leaders with BRICS Business Council will take place, and BRICS MoU among Trade and Investment Promotion agencies will be signed.

 

BRICS (Brazil, Russia, India, China and South Africa)

• BRICS brings together five major emerging economies comprising 42 percent of the world’s population, having 23 percent of the global GDP and around 17 percent of the share in world trade.
• The five nations account for 50 per cent of the world economic growth, 42.58 per cent of the world population, 26.6 of the world land area and 13.24 per cent of World Bank voting power.
• On November 30, 2001, Jim O’Neill, a British economist who was then chairman of Goldman Sachs Asset Management, coined the term ‘BRIC’ to describe the four emerging economies of Brazil, Russia, India, and China.
• The five BRICS countries are also members of G-20.

 

Source: Indian Express

 

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