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- A BRIEF ON BRICS
- BRICS: It is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.
- The BRICS Leaders’ Summit: It is convened annually with discussions representing spheres of political and socio-economic coordination, in which member countries have identified several business opportunities, economic complementarities and areas of cooperation.
- The Chairship of the forum: It is rotated annually among the members, in accordance with the acronym B-R-I-C-S. Over and above the summit, BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings. Cooperation among members is predicated on three levels or “tracks” of interaction, namely:
- Track I: Formal diplomatic engagement between the national governments
- Track II: Engagement through government-affiliated institutions, e.g. state-owned enterprises and business councils
- Track III: Civil society and “people-to-people” engagement.
- The first BRIC Summit: It took place in 2009 in the Russian Federation and focused on issues such as reform of the global financial architecture. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. Former South African President Jacob Zuma subsequently attended the Third BRICS Summit in Sanya, China, in March 2011.
- The BRICS approach: The bloc offers a unique opportunity for BRICS countries to extend and advance their cooperation in ways that meaningfully promote their economic development agendas as well as that of other developing countries. South Africa assumed the rotational Chairship of BRICS from 1 January to 31 December 2018. The 2018 Summit will be a seminal milestone for BRICS cooperation, as it represents a decade of BRICS cooperation at the highest diplomatic level.
- TIMELINE OF BRICS
- BRICS: On 9 July 2008, leaders from Brazil, Russia, India and China (BRIC) held a brief meeting and took group photos during the dialogue meeting between the leaders of the G8 and the five developing nations in Hokkaido, Japan.
- The First BRIC Summit was held in June 2009 in Yekaterinburg, Russia to discuss issues including the global financial crisis, the international situation, future direction of BRIC dialogue and cooperation, the G20 Summit, reform of international financial institutions, food security, energy security, etc.
- The Second BRIC Summit was held in April 2010 in Brasilia, Brazil. The leaders discussed issues including the international situation, the global financial crisis, the selection mechanism of the World Bank and International Monetary Fund’s (IMF) senior management, G20 affairs, etc.
- South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. Former President Jacob Zuma subsequently attended the Third BRICS Summit in Sanya, China, in March 2011. The theme was “Broad Vision, Shared Prosperity”.
- The Fourth BRICs Summit was held in March 2012 in New Delhi, India. The theme was “BRICS Partnership for Global Stability, Security and Prosperity”. The leaders discussed issues including global governance and sustainable development. The Summit issued the New Delhi Declaration and Action Plan and the BRICS Report on BRICS countries’ developing prospects, etc.
- The Fifth BRICS Summit was held in March 2013 in Durban, South Africa under theme “BRICS and Africa: Partnership for Development, Integration and Industrialization”. The Summit issued the eThekwini Declaration and Action Plan, and decided to set up the New Development Bank and Contingent Reserve Arrangement. The establishment of the BRICS Business Council and Think Tank Council was announced.
- The Sixth BRICS Summit was held in July 2014 in Fortaleza, Brazil under the theme “Inclusive Growth: Sustainable Solutions”. The leaders discussed such issues as political coordination, sustainable development and inclusive growth. The Summit issued the Fortaleza Declaration and Action Plan. The leaders witnessed the signing of the Agreement on the New Development Bank etc.
- The Seventh BRICS Summit was held in July 2015 in Ufa, Russia under the theme “BRICS Partnership - a Powerful Factor of Global Development”. The leaders discussed issues including global political and economic issues and BRICS cooperation. The Summit issued the Ufa Declaration and Action Plan, and adopted the Strategy for BRICS Economic Partnership.
- The Eight BRICS Summit was held in October 2016 in Goa, India under the theme “Building Responsive, Inclusive and Collective Solutions”. The leaders discussed issues including international political and economic situation, global governance, counter-terrorism, climate change, Sustainable Development Goals, BRICS cooperation, and people-to-people and cultural exchanges. The Summit issued the Goa Declaration and Action Plan, and reiterated the commitment to strengthening BRICS partnership. Outreach Summit of BRICS Leaders with the Leaders of BIMSTEC Member Countries was held during the Summit.
- The Ninth BRICS Summit was held in Xiamen, China under the theme “BRICS: Stronger Partnership for a Brighter Future”. The leaders built on achievements already made with a share vision for future development of BRICS, discussed international and regional issues of common concern and adopted the Xiamen Declaration.
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