Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
prelims Test Series 2019
बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
7th BRICS Summit
Jul 11, 2015

On July 9, BRICS leaders were gathered in the Russian town of Ufa for their 7th annual summit. The leaders of the BRICS countries (Brazil, Russia, India, China, and South Africa) adopted a declaration expressing deep concern about the deadly conflict in eastern Ukraine pitting government forces against pro-Russian separatists. 

  • The Iranian nuclear issue was also on the agenda of the summit.

  • The BRICS declaration urged the international community to avoid what it described as "political approaches" in fighting terrorism.

  • Another item on the Ufa summit's agenda was the New Development Bank, which BRICS plans to establish in Shanghai, China.

  • After the sanctions from the Western Bloc, Russia acknowledging the importance of BRICS called for closer economic coordination between BRICS members.

  • Russ has deepened its ties with BRICS since being hit by Western sanctions over its annexation of Crimea and its support for separatist insurgents in eastern Ukraine.

  • BRICS New Development Bank should fund projects which have cross-border collaboration among the five member countries. 

  • Contingency Reserve Arrangement (CRA) of the BRICS will come into force soon, which will help in bringing about stability in the BRICs economies. 

  • Member countries will be able to take benefit of financing arrangements and BRICS arrangement for export credit insurance and innovation.

  • BRICS reassurance pool for big projects is a welcome step. Soon there will be an agreement with Customs Administration. This will be an important step in trade facilitation.

  • A dedicated BRICS information sharing and platform will be established soon.

India’s Suggestion

In his address to the Seventh BRICS summit Prime Minister Narendra Modi thanked the BRICS nations for their active support and participation on the International Day of Yoga held on June 21. India pointed out that BRICS countries together form 44 per cent of the world population, contributing 40 per cent to the global GDP and 18 per cent to the world trade.  

During his address to the leaders of the other nations in the grouping, Narendra Modi made some interesting suggestions.

■ India favoured development of a manufacturing chain across the BRICS countries that will help create jobs and benefit all the member nations.

■ We should start a sports tournament for the BRICS nations.

■ Digital technology can play a crucial role in financial inclusion and delivery of services to everyone - sharing best practices among BRICS members should be made a priority.

■ India would like to see the first major project funded by the New Development Bank to be in the area of clean energy.

■ India proposed a BRICS Agriculture Research Centre, which would be a big gift to the world.

■ Use our expertise to enable better access to water, efficient water use and potable water supply.

■ We can tap our strengths like skill development.

 


Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.

http://www.drishtiias.com/upsc-current-affairs-article-7th-BRICS-Summit