14th summit meeting 23-24 JUNE 2022 hosted by CHINA
BRICS is an acronym for Brazil, Russia, India, China & South Africa. BRICS is 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. 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 last ( 14th ) BRICS summit meeting was held under the chairship of china on 23 – 24 june 2022 in virtual mode.
The next (15th) BRICS summit meeting will be held in 2023 in SOUTH AFRICA under the CHAIRSHIP of SOUTH AFRICA.
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 strengthen 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.
The last (13th summit meeting)was held under India’s chair shipon 9th September 2021 in virtual format at N. Delhi. This was third time that India hosted BRICS Summit after 2012 and 2016. BRICS celebrates its 16th anniversary this year (2022)
BRICS has become a platform for discussing and deliberating on issues of common concern for all developing countries. BRICS countries have regularly called for reform of the multi-lateral system in order to make it more representative and inclusive. Discussions during the 14th BRICS Summit covered co-operation in areas such as counter terrorism, trade, health, traditional medicine, environment, agriculture, technical and vocational education & training MSMEs.
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 organization 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.
14th BRICS SUMMIT
The 14th Brics Summit was hosted by Chinese President XI Jinping in Beijing (china) on 23-24 June 2022 in virtual mode. The other participants were Indian Prime Minister sh Narendra Modi President Vladimir Putin of Russia President Cyril Ramaphosa of South Africa & President Jair Bolsonaro of Brazil.
Theme of 14th Summit - Foster High Quality BRICS Partnership, usher in a New Era for Global Development.
The leaders held discussions including in fields of Counter-Terrorism, Trade, Health, Traditional Medicine, Environment, Science, Technology & Innovation, Agriculture, Technical and Vocational Education & Training, and also key issues in the global context, including the reform of the multilateral system, COVID-19 pandemic, global economic recovery, amongst others. Prime Minister MODI called for strengthening of the BRICS Identity and proposed establishment of Online Database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation between MSMEs. India will be organizing BRICS Startup event this year to strengthen connection between Startups in BRICS countries.Prime Minister MODI also noted that as BRICS members, we should understand security concerns of each other and provide mutual support in designation of terrorists and this sensitive issue should not be politicised. At the conclusion of the Summit, BRICS Leaders adopted the ‘Beijing Declaration’.
Prime Minister MODI highlighted India’s development partnership with Africa, Central Asia, Southeast Asia, and from Pacific to Caribbean; India’s focus on a free, open, inclusive, and rules-based maritime space; respect for sovereignty and territorial integrity of all nations from the Indian Ocean Region to Pacific Ocean; and reform of multilateral system as large parts of Asia and all of Africa and Latin America have no voice in global decision-making. Prime Minister noted the importance of circular economy and invited citizens of participating countries to join Lifestyle for Environment (LIFE) campaign.
GUEST COUNTRIES - The participating guest countries in 14 th BRICS SUMMIT were Algeria, Argentina, Cambodia, Egypt, Ethiopia, Fiji, Indonesia, Iran, Kazakhstan, Malaysia, Senegal, Thailand and Uzbekistan.
The meeting adopted and issued the 14th BRICS Summit Beijing Declaration, in which the five countries look forward to injecting new impetus to international cooperation.