Hello everyone, I hope you guys are doing well. Today I am gonna share some details about the recently held BRICS summit.
BRICS is the acronym for an alliance of world's five great emerging economics - Brazil , Russia , India , China , South Africa. BRICS headquarter is in Shanghai, China. Its main purposes are are to cooperate between the member nations for development, support various projects, provide financial assistance, infrastructure etc
About BRICS 2K17
The 2017 BRICS summit was the ninth annual BRICS summit. It was held in Xiamen, china and the 2nd time the China has hosted the summit after the 2011. It was a three day summit from 3-5 September 2017.The representatives of participant countries were president Michel Temer of Brazil, president Vladimir Putin of Russia, president Xi jinping of China , PM of India Narendra Modi and the president Jacob Zuma of South Africa.The theme of the summit was "Stronger partnership for brighter future".China also invited five guests from the countries - Egypt, Mexico, Thailand, Tajikistan and Guinea.
The representatives of five countries discussed various problems of their countries and also talk about plenty of ideas that can help growing their economy in a broad way. The BRICS countries came up with some text and that was
BRICS DECLARATION- TERRORISM
1)We strongly condemn terrorist attacks resulting in death to innocent Afghan nationals.
2)We support the efforts of Afghan National Defense and Security Forces in fighting terrorist organisations. We deplore all terrorist attacks world wide, including terrorist attacks in BRICS countries and condemn terrorism in all its forms and manifestations wherever committed & by whomsoever & stress that there can be no justification.We express concern on the security in the region and violence caused by Taliban, ISIL/DAISH, Al-Qaida and its affiliates including the Haqqani network, Lashkar-e-Taiba, Jaish-e-Mohammad , TTP and Hizb ut Tahrir.
- We strongly deplore the nuclear test conducted by the DPRK (Democratic People's Republic of Korea). 4)We express deep concern over the ongoing tension and prolonged nuclear issue on the Korean peninsula, and emphasize that it should only be settled through peaceful means and direct dialogue of all the parties concerned.
BRICS DECLARATION- CLIMATE CHANGE
1.We commit to further promote green development and carbon economy in the context of sustainable development and poverty eradication, enhance BRICS cooperation on climate change and expand green financing.
2.We call upon all countries to fully implement the Paris agreement adopted under the principles of the United Nations Framework Convention on Climate Change (UNFCCC) including the principles of common but differentiated responsibilities and respective capabilities, and urge developed countries to provide financial, technological and capacity-building support to developing countries to enhance their capability in mitigation and adaptation.
BRICS RATING AGENCY
Cooperation Memorandum Relating to Credit Ratings Under BRICS Interbank Cooperation Mechanism. Modi called for the creation of a BRICS rating agency to cater to financing needs of sovereign and corporate entities of developing countries.
NEW DEVELOPMENT BANK AFRICA REGIONAL CENTER
We welcome the establishment of the NDB Africa Regional Center launched in South Africa, which is the first regional office of the bank.We welcome the setting upof the Project Preparation Fund and the approval of the second projects. We encourage the NDB to fully leverage its role and enhance cooperation with multilateral development institutions including the World Bank and the Asian Infrastructure Investment Bank as well as with the BRICS Business Council. In July 2014, Nobel prize economist Joseph Stiglitz said the NDB marks a " fundamental change in global economic and political power".
TRADE PACTS
Brics nations sign four pacts to boost economic and trade cooperation. According to IMF's estimates, Brics countries generated 22.53% of the world GDP in 2015 and has contributed more than 50% of the world economic growth during the last 10 years. Four documents were signed at the BRICS leaders' meeting in the Chinese city of Xiamen. They are-
1.BRICS action agenda on economic and trade cooperation.
2.BRICS action plan for innovation cooperation (2017-2020.)
3.Strategic framework of BRICS customs cooperation. 4.Memorandum of understanding between the BRICS Business council and the new development Council and the New Development Bank on strategic cooperation.
THE CONCEPT OF BRICS PLUS
1.The 'BRICS Plus' plan is one of Xi Jinping's latest attempts to take on a more assertive role on the global stage, as the US inward under president Donald Trump's "america First" policies.
2."Some countries have become more inward-looking, and their desire to participate in global development cooperation has decreased,"Xi was quoted.
FROM DOKLAM TO XIAMEN
BRICS now faces its most challenging summit, not because of the west or the developed world, but because of growing differences between its two biggest members, India and China.
XI's INTENTIONS
Chinese president Xi Jinping told prime minister Narendra Modi during an one hour-long bilateral meeting on Tuesday that he was desirous of putting china's relationship with India "on the right track". Xi also told Modi that Beijing is prepared to work with Delhi "to seek guidance from Panchseel", or the five principles of co-existence.The Chinese president's reference to Panchseel, was to the 1954 pact between China and India.
FUTURE OF BRICS
Russia , Brazil and South Africa need to improve growth rate. There are predictions that the worst in oil prices is past.There will be likely increase in oil prices which would lead to improvement in Russian economy. Another standoff like Doklam can damage BRICS.
THE NEXT BRICS SUMMIT
China, Brazil, Russia and India extend full support for South Africa in hosting the tenth BRICS summit in 2018. South Africa officially became a member nation on 24 December 2010, after being formally invited by the BRIC countries to join the group.
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Namaste