What is BRICS: The BRICS Virtual Summit is being held between Russia and the ongoing war in Ukraine. This time, China is hosting the BRICS summit on June 23-24. The fight against terrorism, trade, food and energy security and cooperation in the global economy are expected to be high on the agenda of the 14th BRICS Summit. The conference is also expected to discuss the expansion of the BRICS. PM Modi will also attend this virtual conference.
China wants to expand BRICS and Russia supports China’s move to add new members to the grouping. This time around, the BRICS summit is being seen as crucial in light of the Ukraine-Russia war and the global economic crisis.
What is BRICS?
BRICS is the association of the 5 largest emerging economies in the world. The organization includes Brazil, Russia, India, China and South Africa. BRICS members are known for their significant influence on regional issues. BRICS is known as one of the world’s leading emerging economies. The BRICS summit is chaired annually by its member countries. Each of the five countries alternately hosts the conference each year. This time the Virtual Summit is being held and China is hosting it.
When was the BRICS formed?
BRICS was established in June 2006. Earlier, it included four countries from which it was named BRIC. Initially it included Brazil, Russia, India and China. In 2010, South Africa joined the organization. After which the name of this organization was changed. It changed from BRIC to BRICS. The first BRICS summit was held in 2009. There is also talk of expanding the organization.
What is the purpose of BRICS?
The BRICS organization is a multifaceted forum comprising the 5 major emerging economies of the world. This includes 41% of the world’s population, about 24% of world GDP and 16% of world trade. The BRICS summit discussed regional as well as global issues. Its main objective is to promote mutually beneficial cooperation between the member countries in various fields so as to accelerate their development. Issues such as climate change, terrorism, global trade, energy, economic crisis were discussed.
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