13th Brics Summit

Brics is an acronym for Brazil, Russia, India, China & South Africa.

BRICS started as an Economic organization of five major Emerging Economies of world – Brazil, Russia, India, China & South Africa.

BRIC started with four countries – Brazil, Russia, India & china in 2009. South Africa joint this organization in Dec 2010 and name of this organization became BRICS from Bric.

The term BRIC was coined by British Economist Jim o Neill.

All five Countries of Brics are also members of G-20. Brics represents 300 crore population (42% of world’s population) and share of Brics countries in World economy is 20%. Bilateral relations among Brics Countries are conducted on the basis of non-interference, equality and mutual benefits.

Purpose of BRICS: The aim of the brics is to reduce dependency on US Dollar and strenthen the rule of International Law Brics want to reform the International Monetary & Financial Institutions. The two main such institutions are World Bank & IMF. At present, these institutions are unjust to Brics Nations & also to emerging economies of the world. Unfortunately these institutions are under indirect control of US govt, we should take more active part in IMF and World Bank’s decision making system. The International monetary system depends a lot on US Dollar and USA’s monetary & financial policies. USA Controls the monetary & financial policies of a country indirectly in lieu of grant of loans by these institutions. Brics want to change this system.

Theme of Brics:

The theme for India’s chairship is BRICS @ 15: Intra-Brics Co-operation for Continuity, Consolidation & Consensus.

Brics summit meeting is held annually. Summit meeting means when meeting is attended by head of state/govt. The first summit meeting was held in Russia in 2009. The (12th) meeting was held at Saint Petersburg (Russia) but due to Covid-19 situation, the meeting was held through Video Conferencing on 17th Nov 2020.

The last 13th summit meeting was held under India’s chairship on 9th September 2021 by virtual format at N. Delhi. It is third time that India hosted Brics Summit after 2012 and 2016. BRICS celebrates its 15th anniversary this year.

13th Brics Summit. The 13th Brics Summit was held at N. Delhi on 9th September 2021 under the chairmanship of P.M. Narendra Modi. Brazil President Jair Bolsanaro, South African President Cyril Ramaphosa, Russian President Vladimir Putin & Chinese President Xi Jinping attended the meeting on virtual platform. Sh. Narendra Modi thanked Brics members for their co-operation and said that Co-operation, Continuity, Consolidation and Conesus are four basic principles of Brics Partnership. He stressed need to ensure that Brics is more productive in next 15 years. Serious concern was felt by the members to the prevailing conditions in Afghanistan. Afghanistan should not became a threat to its neighboring countries, a source of terrorism and drug trafficking. The five nations have enhanced strategic communication and political trust in spirit of openness, inclusiveness and equality. The need to ensure equal access to Covid-19 vaccines was felt. Members adopted a declaration calling for reforms in UN principal organs (especially in UNSC).

At the conclusion of the Summit, leaders adopted the “New Delhi Declaration” and pledged resolve towards strengthening and reforming the multilateral system to make global governance more responsive and effective.

“We call for refraining from violence and settling situation by peaceful means.

“We stress the need to contribute to fostering an inclusive intra afghan dialogue so as to ensure stability, peace, law and order,” it stated.

The declaration also condemned “in strongest terms” terrorist attacks near Kabul Airport that resulted in a large number of deaths and injuries.

Next (14th) Brics Summit will be hosted by China in 2022.

New Development Bank : - A new bank (New development Bank) has been floated by Brics Nations in July 2015 as an alternative to IMF and World Bank to reduce our dependency on these institutions. The purpose of this bank is to boost infra-structure funding in the emerging economies & offer them tailor made services. This bank will serve not only brics nations but also other countries of the world.

The initial capital of this bank is 100 Billion US Dollars and a contingency reserve of 100 Billion Dollars. This capital is being used for giving loans for various developmental projects while contingency fund is being used to give immediately help in case of natural disasters like earthquake, cyclone, floods, epidemic etc. More than 70 projects worldwide have been assisted by NDB.

Sh. K.V. Kamath Ex. Executive Director of ICICI Bank was appointed as President of NDB for the first five years. Now Mr. Marcos Prado Troyjo of Brazil is the president w.e.f. 07/07/2020 and Mr. Anil Kishora is V. President of this bank.

The Secretariat of this bank is at SHANGHAI (China) and regional centre at JOHANNESBURG (South Africa.)

Official Languages of Brics English, Russian, Chinese & Hindi.

Type of org. This organization started as an economic organisation but now it is an Economic, Political, military and regional co-operative organization.

Motto: Economic growth for an innovative future.

Brics have become highly successful organisation. Indonesia and Turkey have expressed strong interest in membership of Brics. Egypt, Argentina, Iran, Nigeria, Sudan, Syria, Bangladesh, Greece also want to join Brics.