Topics Covered: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
BRICS Culture Ministers’ Meeting:
The 5th BRICS Culture Ministers’ Meeting was held through video conference under the Chairpersonship of Russian Federation.
Basic facts that you must know about BRICS:
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 formalised 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.
Other key points:
- The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- The BRICS Leaders’ Summit is convened annually.
- During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB). They also signed the BRICS Contingent Reserve Arrangement.
Here, Cooperation among members is achieved through:
- 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.
- BRICS- origin, when South Africa joined?
- About the New Development Bank (NDB).
- Which are the NDB funded projects in India?
- Fortaleza declaration is related to?
- What is the BRICS Contingent Reserve Arrangement?
What is the mandate of New Development Bank and Asian Infrastructure Investment Bank? Examine whether the coming of NDB and AIIB changes the rules of development financing vis-à-vis the western dominated multilateral financing institutions?