11th BRICS Summit

11th BRICS Summit
Question: Consider the following statements regarding BRICS Summit 2019:
(1) The 11th BRICS Summit took place in in Brasilia, Brazil.
(2) 2019 BRICS summit theme is “Economic Growth for an Innovative Future.”
(3) BRICS countries adopted the Brasilia Declaration.
Of the above correct statement/s is/are:

(a) Only 1
(b) Only 2 & 3
(c) Only 1 & 3
(d) All of the above
Answer: (d)
Related facts:
  • The 11th BRICS Summit took place from 13th-14th November 2019 at the Itamaraty Palace in Brasilia, Brazil
  • The theme of the 2019 BRICS summit is “Economic Growth for an Innovative Future.”
  • The BRICS countries, Brazil, the Russian Federation, India, China and South Africa discussed on spheres of political and socioeconomic coordination.
  • This year’s meeting covered the areas of finance, trade, foreign affairs, national security matters, communications, environment, labor and employment, science, technology and innovation, energy, agriculture, health and culture.
  • In order to reaffirm the shared goal of building a peaceful, stable and prosperous world,BRICS countries adopted the Brasilia Declaration.

Brasilia Declaration:

  • It advocates and supports multilateralism as well as upholding the central role of the UN in international affairs and respecting international law.
  • The declaration emphasizes the urgent need to strengthen and reform the multilateral system, including the UN, the WTO, the IMF and other international organizations which will support to enable emerging markets and developing countries in international decision-making.
  • The rising protectionism arising due to trade war between China and the U.S. is hurting the global economy.So,multilateralism is crucial for emerging countries to protect their own interests.

India at the Summit:

  • Attending the summit PM Modi called for paying special attention to mutual trade and investment, as Intra-BRICS trade accounts for just 15% of world trade, while the combined population is more than 40% of the world’s population.
  • Participating in the Leaders dialogue with BRICS Business Council and New Development Bank,PM Modi said that BRICS Business Council created a roadmap to achieve the $ 500 billion Intra-BRICS trade target by the next summit.
  • PM Modi proposed the first meeting of BRICS Water Ministers in India.
  • India highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy.

Meetings on the sidelines of the Summit:

India – Brazil:

  • PM Modi invited the President of Brazil Jair Bolsonaro as the Chief Guest at the Republic Day 2020.
  • Brazil has decided to grant visa-free travel to Indian citizens.

India – China:

  • The countries have agreed to hold the next round of border talks. The 21st round of border talks were held in 2018 by Security Advisor Ajit Doval and his Chinese counterpart.
  • The Chinese President invited the Indian Prime Minister for the 3rd informal summit in China in 2020. The first informal summit took place at Wuhan (China-2018) and second at Mamallapuram (India-2019).
  • Both the leaders reviewed the preparations for celebrating the 70th anniversary (in 2020) of establishment of diplomatic relations between the countries.

India – Russia:

  • PM Modi met his Russian counterpart Vladimir Putin and noted their satisfaction that the 25 billion USD trade target between the countries to be achieved by 2025 has already been achieved.
  • To dismantle the barriers of trade at regional level, the first Bilateral Regional Forum will be held in 2020.

About BRICS:

  • BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
  • The group together represents about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
  • The acronym BRIC was first used in 2001 by Goldman Sachs to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century. 
  • The 1st BRIC Summit was held in Yekaterinburg, Russia, on 16 June 2009.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S. Brazil is the current chair of the grouping.
  • 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.

Links:

http://brics2019.itamaraty.gov.br/en/brasilia-summit/basic-information

http://mea.gov.in/Uploads/PublicationDocs/32042_Braslia_Declaration__1_.pdf

https://www.pmindia.gov.in/en/news_updates/pm-proposes-first-meeting-of-brics-water-ministers-in-india/?comment=disable

https://www.pmindia.gov.in/en/news_updates/pms-message-on-international-day-of-persons-with-disabilities/?comment=disable

https://www.pmindia.gov.in/en/news_updates/meeting-of-pm-with-mr-xi-jinping-president-of-the-peoples-republic-of-china-on-the-margins-of-the-11th-brics-summit/?comment=disable