Well, I was discussing the BRICS summit with my sister when her friend who heard us partially asked in confusion how it would enhance the Indian Economy. Then later I got to know she was referring to “bricks”. Not her fault though as the homonym misguided her. And thus a question popped up how many individuals know about the term? Not many I guess. And thus let me brief you all about it.
An economist Jim O’ Neill coined the acronym BRICs in 2009 for the emerging economies: Brazil, Russia, India, and China. The four held their first summit in 2009 and were joined by South Africa in 2011.The five nations in BRICS have the bilateral relationship and that involves mutual benefit, equality etc. Four out of the five above countries are in the top 10 list of populated countries. Thus almost half of the world’s workforce is in BRICS countries. The current leaders of the member states are
- President Michel Temer (Brazil)
- President Vladimir Putin (Russia)
- Prime Minister Narendra Modi (India)
- President Xi Jinping (China)
- President Jacob Zuma (South Africa)
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The recently held BRICS summit was the 9th edition which was held in Xiamen, China. The theme of the three-day annual summit was “Stronger Partnership for Brighter Future”. Some highlights of the event are below:
Four documents were signed at the meeting which are –
a.)BRICS action agenda on economic and trade cooperation
b.)BRICS action plan for innovative cooperation
c.)Strategic framework of BRICS customs cooperation
d.)Memorandum of understanding between the BRICS Business Council and the New Development Bank on strategic cooperation
For the first time, Pak-based terror groups such as Lashkar-e-Taiba and Jaish-e-Mohammad were named for causing violence in a region.
After the Doklam standoff, Prime Minister Narendra Modi and Chinese President Xi Jinping held their first bilateral meeting.
“Whatever we do, we will impact the world substantially. So it is our solemn duty to make a better world – brick by brick or through BRICS..,” Mr. Modi said. He also suggested 10 “noble commitments”. It includes creating a safer world, creating a greener world, creating an enabled world, creating an inclusive world, creating a digital world, creating a skilled world, creating a healthier world, creating an equitable world, creating a connected world and creating a harmonious world.
At the “Dialogue of Emerging Market And Developing Countries,” PM Modi spoke about development agenda ‘Sabka saath, sabka vikaas’. He also called for coordinated action on counter terrorism, cyber security and disaster management.