PM MODI ATTENDED 14TH BRICS SUMMIT
Recently, the Prime Minister of India attended the 14th BRICS summit which was virtually hosted by China.
Theme of the 14th BRICS Summit: Foster High-quality BRICS Partnership, Usher in a New Era for Global Development. The BRICS Plus virtual conference was also held as part of the main meeting with ministers from countries, including the UAE, Saudi Arabia, Egypt, Kazakhstan, Indonesia, Argentina, Nigeria, Senegal, and Thailand.
WHAT ARE THE KEY HIGHLIGHTS OF THE SUMMIT?
Adopting the Beijing Declaration: It states that BRICS supports talks between Russia and Ukraine. The grouping is willing to support the United Nations’ and the International Committee of the Red Cross’s (ICRC) efforts to deliver humanitarian aid to Ukraine. Countries also expressed concerns about the situation in Taliban-held Afghanistan.
DISCUSSIONS ON THE ISSUE:
Humanitarian Situation in Ukraine: Concerns over the humanitarian situation in and around Ukraine and expressed their support to efforts of the UN Secretary-General, UN Agencies and International Committee of the Red Cross (ICRC) to provide humanitarian assistance in accordance with the basic principles of humanity, neutrality and impartiality.
Terrorism: While discussing terrorism and terror cooperation, the BRICS countries said that only the UN Security Council has the authority for imposing sanctions. On Afghanistan, BRICS countries called for “Afghanistan authorities to achieve national reconciliation through dialogue and negotiation, and to establish a broad-based and inclusive and representative political structure”, adding that Afghan territory must not be used to shelter terrorists or attack any other country.
Initiative on Denial of Safe Haven to Corruption: The BRICS Initiative on Denial of Safe Haven to Corruption aims to further strengthen anti-corruption capacity building through education and training programs and enhance anti-corruption exchanges and cooperation within multilateral frameworks.
Framework for Consumer Protection in E-commerce: The declaration welcomed the establishment of the Digital Economy Working Group by upgrading the E-commerce Working Group. And the BRICS nations have agreed to promote consumer protection in e-commerce by advancing the implementation of BRICS Framework for Consumer Protection in E-commerce.
More Focus on Combating Transnational Drug Trafficking: The summit also expressed concern over the serious drug situation in the world. BRICS declaration appreciates BRICS Anti-Drug Working Group's active role in combating transnational drug trafficking and promoting global drug governance and will further strengthen drug control cooperation.
WHAT IS BRICS ORGANIZATION?
About: BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalized during the first meeting of BRIC Foreign Ministers’ in 2006. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
Share of BRICS: The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
Chairmanship: The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S. India is the chair for 2021.
SIGNIFICANCE OF BRICS
- Big Five Nations: Launched by a meeting of the Foreign Ministers of Brazil, Russia, India and China in 2006 and riding on the political synergy created by regular summits since 2009, BRIC turned itself into BRICS in 2010, with the entry of South Africa. The importance of BRICS is self-evident: it represents 42% of the world’s population, 30% of the land area, 24% of global GDP and 16% of international trade.
- Bridge between North and South: The grouping has gone through a reasonably productive journey. It strove to serve as a bridge between the Global North and Global South.
- Common Global Perspective: The BRICs called for the reform of multilateral institutions in order that they reflect the structural changes in the world economy and the increasingly central role that emerging markets now play.
- Development Cooperation: It developed a common perspective on a wide range of global and regional issues; established the New Development Bank (NDB); created a financial stability net in the form of Contingency Reserve Arrangement; and is on the verge of setting up a Vaccine Research and Development Virtual Center.
INITIATIVES OF THE BRICS:
- New Development Bank: During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB - Shanghai, China). It has so far approved 70 infrastructure and sustainable development projects worth.
- Contingent Reserve Arrangement: In 2014, the BRICS governments had signed a treaty on the setting up of the contingent reserve arrangement. The arrangement is aimed at forestalling short-term balance of payments pressures, providing mutual support and strengthening financial stability of the BRICS nations.
- BRICS Payment System: BRICS countries are trying to create a payment system as an alternative to the SWIFT payment system. This has taken on a new urgency as post Ukraine war, Russia has been frozen out of SWIFT.
- Customs Agreements: Customs agreement were signed to coordinate and ease trade transport between BRICS countries
- Launched of Remote Sensing Satellite: A Remote Sensing constellation of satellites has been launched – with 6 satellites including 2 from India, 2 from China, 1 from Russia, and 1 Brazil-China collaboration.
CONCLUSION
It is imperative for BRICS countries to strengthen coordination within the frameworks of the G20, World Trade Organisation (WTO), World Bank and Important Institution International Monetary Fund (IMF). BRICS should strengthen coordination on macroeconomic policies and multilateral cooperation. BRICS countries should make full use of mechanisms including the internet for cultural and people-to-people exchanges and cooperation.
TEST YOURSELF
Q.1 Which of the following countries have hosted the virtual meeting of 14th BRICS Summit, which was recently attended by PM Modi?
- Brazil
- China: ANSWER
- United Arab Emirates
- None of the above-mentioned
Q.2 Which of the following declarations was adopted by BRICS nations which states that BRICS supports talks between Russia and Ukraine?
- Shanghai Declaration
- Moscow Declaration
- Durban Declaration
- Beijing Declaration: ANSWER
Q.3 Consider the given statements & state which of the following statements is/are correct in the reference to the 13th BRICS leader's summit 2021?
- The Prime Minister called for enhanced BRICS cooperation under the motto of 'Build-back Resiliently, Innovatively, Credibly and sustainably'.
- Adopted BRICS Counter Terrorism Action Plan which defines the approach and actions of the BRICS countries towards areas of Counter Terrorism cooperation which includes: Countering Radicalization, Border Management & Information/ Intelligence Sharing.
- Only I follows
- Only II follows
- Both I & II follows: ANSWER
- None of the above
Q.4 Consider the given statements & state which of the following statements is/are incorrect in the reference to the above mentioned passage?
- The acronym "BRICS" 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
- Russia was the last country to join the BRICS as it was invited in December 2012, after which the group adopted the acronym BRICS.
- Only I follows
- Only II follows: ANSWER
- Both I & II follows
- None of the above
Q.5 Which of the following countries are recently approved as the new members of New Development Bank (NDB) also known as BRICS Bank?
- UAE, Uruguay & Bangladesh: ANSWER
- Saudi Arabia, UAE, & Bangladesh
- UAE, Uruguay & Uzbekistan
- Uzbekistan, Saudi Arabia & Qatar
