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12th Brics Summit to be held virtually: everything you need to know News from India


NEW DELHI: Brics nation leaders will meet virtually to discuss prospects for cooperation and international issues during the 12th Brics summit hosted by Russia on Tuesday.
The summit takes place at a time when the world is grappling with the coronavirus pandemic and two of the group’s most prominent members, India and China, are embroiled in a bitter border clash in eastern Ladakh.
The leaders of Brazil, Russia, India, China and South Africa will discuss the current state of cooperation within the body and its perspectives, exchange views on urgent issues on the international and regional agenda, recap the results of Russia’s BRICS. presidency this year, and also coordinate positions in light of the G20 summit, scheduled for November 21-22, “the Russian Foreign Ministry said in a statement, Sputnik was quoted as saying.
The key agreements will be described in the Moscow declaration and other documents, the statement added.

Here’s a look at the details about the Brics group.

The challenges

China’s unprecedented economic growth rate has been no match for the remaining four nations, especially Brazil and South Africa.

China, the largest member of the group, has found a more fruitful economic bloc, the RCEP, for example.

The great geographic distance between member nations makes it difficult for the group to work on a common trade agenda.

In 2019, S&P Global Ratings raised questions about the relevance of the BRICS. “The group may no longer make sense, as the long-term divergent economic trajectory of the five countries weakens the BRICS as a coherent economic group,” he said.


The opportunities

Member nations can win politically if they unite. As a Chinese state news agency points out, in 2017, the bloc’s share of votes in the World Bank increased to 13.24% and its stake in the IMF rose to 14.91%.

Those are the new BRICS. Emerging nations unite to advance global affairs. That’s particularly relevant at a time when the US is pressuring nations on favorable bilateral trade deals: the trade war with China, the recent US-Japan trade deal, trade tensions with the EU, and even with India. That’s where “multilateralism” comes from. When it comes to fighting terrorism, there is skepticism that member countries are reading the script differently: When India sees “Pakistan”, China sees “Xinjiang.”


New Development Bank

In 2014, the group established the New Development Bank based in Shanghai. The bank is run by veteran Indian banker KV Kamath.

In May this year, the bank disbursed a $ 1 billion assistance loan to India to help it contain the spread of Covid-19.

The purpose of the bank is to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.


Brics in numbers

BRICS brings together five major emerging economies that comprise 41% of the world’s population, have 24% of world GDP and around 17% of the share in world trade.

The five nations also account for 50% of global economic growth, 30% of the world’s land area, and 13.24% of voting power.

Jim O’Neill, president of Goldman Sachs Asset Management, coined the Bric concept in 2001. South Africa was admitted by the other Bric leaders in December 2010, adding the “S” to the original group.

Times of India