BRICS stands for Brazil, Russia, India, China and South Africa. BRICS is a group of those larger economic countries which comes under continents of Asia, Africa and America. BRICS countries comprises with the largest countries as per land and population. It constitutes of 1/4th of the worlds landmass and around 45% of the world's population and 25% of the global GDP.
BRICS was came into effect after the global financial crises in 2008. The time was crucial to overcome from the situation of crises therefore these countries stepped forward to setup a group of emerging powers which can contribute in the well being and can provide support to those small countries which are not able to stand even after the global crises.
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| BRICS summit |
The very first summit was held at Russia in 2009 and in the beginning there were only four countries who joined the group. Later in 2011, South Africa also joined and made the power of five.
- BRICS Summit 2009 - Yekaterinburg Russia
- BRICS Summit 2010 - Brasilia Brazil
- BRICS Summit 2011 - Sanya China
- BRICS Summit 2012 - New Delhi India
- BRICS Summit 2013 - Durban South Africa
- BRICS Summit 2014 - Brfortaleza Brazil
- BRICS Summit 2015 - Ufa Russia
- BRICS Summit 2016 - Goa India
BRICS summit 2016 was held at Goa on 15-16 October. Theme for the summit was " Building Responsive, inclusive and collective solution". Countries of BRICS represented around 36 billion people throughout of the globe which is approximately half of the total world's population. These five countries are also the part of G20 and are growing economies. Out of these five countries four are in top 10 populated countries. These countries comes up with around 25% of GDP of the world's. It was the time when financial institutes like World Bank, IMF were widely considered to be predominantly influenced by the few powerful countries and larger bodies like US and European union. Therefore, later NDB New Development Bank was inaugurated during BRICS summit 2014 which was held in Brazil. NDB president presented the report for the work of the bank which has been done by NDB. NDB has also released its first loan for the renewable energy to BRICS countries.
Most important thing is that NDB has reduced the dependency specially on the dollars and also strengthened during the World Bank and IMF. Headquarter for the NDB is at Sanghai and its first presidency was under K.V. Kamath.
BRICS primary focus is on the infrastructure development and all members to contribute $10 billion to accommodate a capital of $50 billion. It can be increased upto $100 billion over a time period. Bank will allow new members to join, however the capital value for the BRICS members should not go below 55% of the total shares.
In BRICS 2016, India and Russia signed up total 16 agreements specially in the field of defense, energy, space, submarine building and many more over the technologies. For the membership of NSG and UNSC there were a bilateral meet with China however the talk never come to an end with a proper conclusion. India has also tried to give the full credit of terrorism to Pakistan however defended via China. China in its speech expressed grave defensive to Pakistan and told that India has to stop its terrorist activities.
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