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13th BRICS Summit

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  • 10 Sep 2021
  • 4 min read

Why in News

Recently, the Prime Minister chaired the annual summit of the BRICS which was held virtually.

  • The theme for the Summit was '[email protected]: Intra-BRICS cooperation for continuity, consolidation and consensus'.

Key Points

  • PM’s Address:
    • Highlighted the achievement of several new initiatives during India's Chairship this year (2021), i.e. an Agreement on cooperation in the field of remote-sensing satellites; a virtual BRICS vaccine Research & Development Centre; BRICS Alliance on Green Tourism, etc.
    • Highlighting the leading role that BRICS countries can play in the post-Covid global recovery, Prime Minister called for enhanced BRICS cooperation under the motto of 'Build-back Resiliently, Innovatively, Credibly and Sustainably'.
  • Adopted BRICS Counter Terrorism Action Plan:
    • It defines the approach and actions of the BRICS countries towards areas of Counter Terrorism cooperation which includes: Countering Radicalization and Online Terrorist Threats, Border Management, Information/ Intelligence Sharing, etc.
  • Adopted Delhi Declaration:
    • The declaration called for reforms of the principal organs of the United Nations including that of the UN Security Council (UNSC).
      • It is the first time that BRICS has taken a collective position on 'Strengthening and Reforming Multilateral Systems’.
    • It also called for an “inclusive intra-Afghan dialogue” for stability in Afghanistan.
  • On Covid-19:

BRICS

  • BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
    • In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
    • The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
    • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
  • The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
    • India is the chair for 2021.
  • During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB - Shanghai, China). They also signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to the members.

Source: TH

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