Report by Shuchi Giridhar
The 14th BRICS summit ended on 24th June 2022.
China hosted the two-day summit, which went on from June 23-24.
This year’s theme was “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”.
What is BRICS?
BRICS is an association of five countries, the full form being- Brazil, Russia, India, China and South Africa.
•Former chairman of Goldman Sach,Jim ‘O Neil coined the term BRIC in his Book 2001, Building Better Global Economics BRICs.
•Together, BRICS has 42% of the world’s population, 30% of the world’s landmass and 26% of the world’s Gross Domestic Product or GDP (the Total value of the country’s earning during a certain year).
• The goal of the association is to work as a team for economic development and to give these important countries a place where they could meet and discuss mutual problems and work together to solve some of them.
• At the start, only the first four countries(Brazil, Russia India and China) were part of the association. South Africa was later added in 2010.
• The First summit was in 2009 held in Yekaterinburg, Russia.
This is the 14th BRICS Summit. It was held virtually in China.
What are the benefits of being part of BRICS ?
The BRICS association increases security, development, co-operation, and peace for the countries part of it. Being a part of the BRICS community helps maintain international stability and is helpful for economic growth.
What happened at the BRICS summit this year?
Xi Jinping, the president of China chaired the summit.
Besides China’s President, Prime Minister Narendra Modi, , Russia’s President, Vladimir Putin, Brazilian President Jair Bolsonaro, and South African President Cyril Ramaphosa were present.
The main discussions were
•PM Modi talked about economic recovery post the pandemic. He said that the common vision of global economic governance of the BRICS countries could help global economic recovery.
Addressing the BRICS Summit. https://t.co/XfkygO6CdC
— Narendra Modi (@narendramodi) June 23, 2022
• China’s president requested the BRICS countries to start working on China’s recently proposed global security initiative(GSI). This initiative aims to promote global peace and encourages justice and equality. It aims to set up a security model that replaces confrontation and coalition with collaboration and situations where both sides win. The Chinese president told Vladimir Putin that he would make sure that China would support the core interest in sovereignty and security of Moscow.
• The wide use of drugs was also discussed in the summit. The community declared that they would ensure rigorous drug control in the government.
• They also agreed to strengthen their cooperation in trading.
• The New Development Bank or NDB has also been relocated to Shanghai and an NDB office has also opened up in India. The NDB is a development bank established by the BRICS countries which will provide loans and other financial instruments to support public projects.
• The ‘BRICS Think Tank Network for Finance’ was also established during the summit. This network will allow BRICS Nations to offer support on financial problems to each other in terms of discussion, fulfilling queries, sharing experience, knowledge and ideas to improve the economy.
