TAG: GS-2: INTERNATIONAL RELATIONS
THE CONTEXT: The 16th BRICS Summit will be held from October 22 – 24, 2024, in Kazan, a city in the Republic of Tatarstan, Russia.
EXPLANATION:
About BRICS:
- BRICS full form is “Brazil, Russia, India, China, and South Africa,” which is basically an acronym for these five major emerging economies. The group initially formed as BRIC, with the leaders of Brazil, Russia, India, and China meeting for the first time on the sidelines of the G8 Outreach Summit in St. Petersburg, Russia, in 2006.
- Later, the group was expanded to BRICS in 2010 when South Africa was admitted as a full member during a BRIC Foreign Ministers’ meeting in New York.
- In 2024, with the addition of new members—Iran, Egypt, Ethiopia, Saudi Arabia, and the UAE—BRICS+ now represents 45% of the world’s population and approximately 28% of the global economy.
- Although there is no formal BRICS headquarters, as it operates more as a forum for cooperation rather than a structured institution, the headquarters of the New Development Bank (NDB) is located in Shanghai, China.
- The NDB plays a crucial role in financing infrastructure and sustainable development projects within member countries.
BRICS Summit 2024 Agenda:
- Economic Growth and Cooperation: Discussions on how BRICS countries can boost trade among themselves, reduce reliance on Western economies, and promote sustainable development.
- Security and Geopolitical Stability: Talks on global security, with a focus on countering terrorism, ensuring regional stability, and addressing emerging threats like cybersecurity.
- Cultural and Humanitarian Ties: Strengthening cultural exchanges and promoting educational and humanitarian initiatives across BRICS nations and beyond.
- Expansion of BRICS: Discussions on the inclusion of new members and the possibility of further expansion to include other countries from the Global South.
- New World Order: A major focus of the summit is on creating an alternative global order that promotes equitable development.
The BRICS Summit 2024 agenda and outcomes will be discussed in detail after the event concludes. It is expected that progress on BRICS initiatives like the New Development Bank, joint projects in infrastructure, etc. will be assessed and new collaborations might be announced.
- The theme of BRICS Summit 2024 is “Strengthening Multilateralism for Just Global Development and Security.”
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