What Is BRICS: The BRICS Virtual Summit is being organized amidst the ongoing war in Russia and Ukraine. This time China is hosting the BRICS summit held on 23-24 June. Cooperation in the fight against terrorism, trade, food and energy security and the global economy are expected to top the agenda of the 14th BRICS Summit. At the same time, the expansion of BRICS is also expected to be discussed in this conference. PM Modi will also participate in this virtual conference.
China is keen to expand BRICS and Russia supports China’s initiative to include new members in the grouping. This time in view of the Ukraine-Russia war, the global economic crisis, the BRICS summit is considered very important.
What is BRICS?
BRICS is a name for the association of 5 major emerging economies of the world. This organization includes Brazil, Russia, India, China and South Africa. BRICS members are known for their significant influence on their regional issues. BRICS is known to be one of the leading emerging economies of the world. The BRICS summit is chaired every year by its member states. Each of the five countries alternately host this conference every year. This time a virtual summit is being organized and China is hosting it.
When was BRICS established?
BRICS was established in June 2006. Earlier it included four countries, from which its name was BRIC. Initially it included Brazil, Russia, India and China. In the year 2010, South Africa also joined this organization. After which the name of this organization changed. It changed from BRIC to BRICS. The first BRICS summit was held in the year 2009. There is also discussion of further expansion of this organization.
What is the purpose of BRICS?
The BRICS organization is a multilateral forum consisting of 5 important emerging economies of the world. In which 41 percent of the world’s population, about 24% of global GDP and 16% of world trade are included. Along with regional issues, global issues are also discussed in the BRICS summit. Its main objective is to advance mutually beneficial cooperation between member states in different fields so that their development can be accelerated. Issues like climate change, terrorism, world trade, energy, economic crisis have been discussed.
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