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BRICS Nations (Brazil, Russia, India, China and South Africa): Economies

Detailed knowledge about BRICS Nations

If you have ever  solved the past papers of PRELIMS General paper I  then I am sure you might have solved many questions on the topic BRICS and in case if you failed to know any answer then here it is this article is for you to enable to answer to all the questions relating to the topic BRICS
So what is BRICS what is stands for what are its functions? Well well. BRICS stand for an organization of the emerging economies in the world those are BRAZIL, RUSSIA, INDIA, CHINA and SOUTH AFRICA.
The Country in the BRICS nations comprises of those countries which are yet not developed country’s and are newly industrialized countries.
They are considered to be the world’s fastest growing economies and they also conduct annual summit. The BRIC was coined in the year 2001 and the first formal summit of this association was held in Yekaterinburg held on 16th June in the year 2009. The main focus of the association’s summit was to improve the global economic condition and also to reform the financial institutions and to develop better relations with the BRIC countries.

It is  an independent international organization aiming to encourage the  commercial, political and cultural cooperation between the BRICS nations for a better trade.
In June of the year  2012, all the BRICS nations pledged (aimed ) $75 billion to boost the lending capacity of the INTERNATIONAL MONETARY FUND (IMF).
However, the loan facility has a  condition on IMF voting reforms and  then later in the end of the  March 2013, during the fifth BRICS summit  which was held in Durban a place in South Africa.

Areas under the BRICS

Finance and Central Banks- the first meeting of the BRICS finish minister took place in 2008 IN Sao Paulo to focus on the global economic crisis as well as on financial crisis struck in the world.
Business forums and councils – After the year 2010,Brazil´s initiative  the BRICS Business Forum regularly meet on the evening of the Summits such meetings are aiming for the expansion and diversification of  trade and mutual investments that  include  the identification and grabbing the new business opportunities available in the world . It was  the intention of the brazil for including in the Forum of the areas of small as well as  medium enterprises and tourism in the BRICS nation. And in the year  2013, the BRICS Business Council was formed , with an objective of   making recommendations on issues related to the  trade and investments among others related to the business environment.
The business Council is compromising  of the  five CEOs of companies of each country. The Brazilian representatives are Vale, Weg, Gerdau, Banco do Brasil and Marcopolo (head of the Brazilian chapter). Members of the Council shall submit their recommendations to the leaders at the BRICS Summit.
The BRICS association has High Representatives  who are Responsible for  the Security and safety and  they  have been meeting ever since the year  2009.
The latest meeting of the association took place in Capetown in the month of December in the year 2013 and it is focusing on allowing the exchange of the views and suggestions regarding the cyber security and as well as on  counterterrorism, transportation security, and regional crises.
The BRICS nations also formed a working group on Cybersecurity  to full  fill the other objectives other objectives set and  it will assess developments achieved  in the area of cybersecurity in international level and coordinate a BRICS approach in those AREA’S
The BRICS Ministers of Agriculture and Agrarian Development ha their first meeting  for the first time in  the year of 2010, at the place named “ Moscow”.
The following year, in Chengdu, the Action Plan of 2012-2016 was approved, providing guidance to the cooperation among the 5 countries in the agricultural field. A Working Group of Agricultural Experts was also formed and their aim was to prepare meetings tasked prior to the Ministerial gatherings.
From the year 2010, the BRICS  also Joint Statistical Publication which is launched  annually, on the day / occasion  of the BRICS Summit. Experts from the member countries meet regularly with a view to preparing  this document.
The 2014 edition of the Joint Statistical Publication was prepared by the Brazilian Institute of Geography and Statistics (IBGE) and was launched during the VI Summit.

The recent members of the BRICS summit were:

  • Dilma Rousseff ( Brazil president)
  • Vladimir Putin ( President of Russia )
  • Narendra Modi ( Prime minister of India)
  • XI Jinping ( President of china)
  • Jacob Zuma ( President of South Africa)
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