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PM participates in the 14th BRICS Summit
Context
PM led India’s participation at the 14th BRICS Summit, convened under the Chairmanship of President Xi Jinping of China recently in a virtual format.
About
Key highlights:
- The 2022 summit's theme is "Fostering High-quality BRICS Partnership, Introducing in a New Era of Global Development."
- India called for strengthening of the BRICS Identity.
- India proposed establishment of Online Database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation between MSMEs.
- India will be organizing BRICS Startup event this year to strengthen connection between Startups in BRICS countries.
- India also noted that as BRICS members each member should understand security concerns of each other and provide mutual support in designation of terrorists and this sensitive issue should not be politicized.
- India highlighted the importance of a circular economy and invited citizens of participating countries to join the Lifestyle for Environment (LIFE) campaign.
About BRICS
- Founded in: 2006
- BRICS is a group of five major emerging economies comprising Brazil, Russia, India, China and South Africa.
- It is pertinent to note that the countries together represent 41% of the world’s population, around 25% of global GDP and around 20% of world trade.
- Subsidiary: New Development Bank
- Aim: The BRICS mechanism aims to promote peace, security, development and cooperation.
- The five nation powerful grouping has been discussing and deliberating on issues of common concern for all developing countries.
- BRICS countries have regularly called for reform of the multilateral system in order to make it more representative and inclusive.
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