BRICS Foreign Ministers Meet
- 29 Apr 2020
- 2 min read
Why in News
Recently, the External Affairs Minister of India attended the BRICS Foreign Ministers meet through video conferencing.
- This meeting was convened by Russia to discuss the impact of the coronavirus pandemic.
- BRICS nations have set up a "special loan instrument" of $15 billion fund for member nations to revive the economy amid Covid-19 pandemic
- BRICS nations exchanged views on possible joint measures to be taken by the member states to counter Covid-19 and overcome the financial, trade, economic and social consequences of the pandemic.
- India showcased its pharmaceutical support to around 85 countries to deal with the viral infection. It also highlighted the need for reforms in the multilateral bodies like the United Nations.
- The UN Security Council members are currently discussing draft resolutions on the Covid-19 pandemic.
- 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.
- It comprises 42% of the world's population, has 23% of the global GDP and around 17% of the world trade.
- The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
- The BRICS Leaders’ Summit is convened annually.
- 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.