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5th meeting of BRICS Industry Ministers

  • Category
    International Relations
  • Published
    25th Aug, 2021

Context

Commerce and Industry Minister Piyush Goyal chaired the fifth meeting of BRICS Industry Ministers and called for expanding the horizon of the New Development Bank (NDB).

About

  • Founded in: 2006
  • BRICS is the group composed of the five major emerging countries - 
    • Brazil
    • Russia
    • India
    • China
    • South Africa
  • These countries together represent about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
  • Subsidiary: New Development Bank
  • Aim: The BRICS mechanism aims to promote peace, security, development and cooperation.

Key-highlights of the meeting:

  • The BRICS ministers called for the need to adopt emerging new technologies, recognising it as an important tool for modernisation and transformation of industry, and promotion of economic growth. 
  • They also committed to play a constructive role towards the promotion of IPR, and expressed their intention to collaborate with NDB.
  • The meeting concluded with the ministers committing to work together as a group, share best practices and move ahead in a positive and constructive manner to achieve the 2030 agenda for sustainable development.

Theme

India chose the theme of ‘Intra BRICS Cooperation for Continuity, Consolidation and Consensus’ for its chairship.

Major points made by India’s minister

  • India has been working towards channelizing technology and has leveraged existing platforms and digital technologies such as Aadhar and UPI payments, along with online systems like COWIN and digital vaccination certificates being widely successful
  • Special emphasis is given to:
    • Expansion of the horizon of NDB and for utilizing its resources for strengthening social infrastructure, especially for funding service delivery in education and health sector, besides promotion of infrastructure and industrial sector.

BRICS’s principles

The following principles are laid out by BRICS for the task of Strengthening and and Reforming the Multilateral System:

  • Global governance is more inclusive, representative and participatory to facilitate greater and more meaningful participation of developing and least developed countries.
  • Strengthen the capacities of individual States and international organizations.
  • Promote people-centered international cooperation at the core.
  • Based on inclusive consultation and collaboration for the benefit of all.
  • Make multilateral organisations more responsive, action-oriented and solution-oriented based on the norms and principles of international law and the spirit of mutual respect, justice, equality, and mutually beneficial cooperation.

New Development Bank (NDB)

  • The New Development Bank (NDB) is a multilateral development bank (MDB) 
  • Founded in: 2014. It became fully operational in 2016.
  • Established by: Brazil, Russia, India, China and South Africa (BRICS).
  • Objective: To finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. 
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