BRICS : Brazil, Russia, India, China and South Africa
Participants : 5 Members being represented by –
- India – PM Narendra Modi
- Russia – Vladimir Putin, President
- China – Xi Jinping, President
- Brzil – MichelTemer, President
- South Africa, Jacon Zuma
Apart from permanent member there were few gues attendee in the summit – Kenya, Tajikistan, Mexico and Thailand.
Date : From 3rd Sept, to 5th Sept, 2017
Place : xiamen , China Port City
This was 9th BRICS summit – This was most fruitful BRICS summit where all the countries focussed and agreed on common issues like terrorist, Noth Korea Nuclear test condemn, development of new independent rating agency, focussing on BRICS Plus countries etc. Next summit is going to be held in South Afrtica.
- Emphasized to increase the business borad partnership with emerging and developing countries via brics plus countries.
- Increase BRICS local currency and bond market with promoting Inter BRIC cooperation via each central banks
- Establishment of BRICS Institute of Future Network to promote – reasearch in space, innvovation, IT, Big data etc.
- Cooperation of Energy.
- Bricks Agriculture Research Platform to be established in India.
- Importance of people to people cooperation
- Promote fossile feuls, and along with re-newable energy like hydal, nuclear
- Broad counter terrorism coalition
- Jash – e- Mohamma dn L&T terming and global terrorist group.
Critical Analysis of BRICS and Concept of “BRICS PLUS”
- 5 countries of BRICS started grouping together in early 2009 and First summit held in June, 2009 being participated by 4 countries, lator 2019 South Africa joined.
- Term BRICS – Started by GoldmanSachs which is meant that these are the developing countries where investment scenario is great, same term is taken for naming it.
- BRICS nations or group of nations is seen as alternative to monopoly of USA, IMF etc and it has being seen that it is successful to some extent as creation of New Development Bank and its financing of projects and continuation of the summit itself proves its importance in the current regime.
- Diminishing of Significance of BRICS Concept
- Growth Rates of all the member countries were before 2013 were high however after lowered prices of Oils South Africa,Brazil Growth rates are much lower which is leading to negative momentum, hence concept of BRICS-PLUS came forward to keep the growth trajectory up.
- China’s Role : China is trying to take over and global leader thus leading effort to lead the group and do not dismantle the concept of BRICS, he has hugly invested in New Development Bank – Which is headquartered in China with biggest contribution in the pool.
More Resources :
- Complete History of BRICS on Wikipedia – https://en.wikipedia.org/wiki/BRICS
- InsighonIndia 2017 Summit summary : http://www.insightsonindia.com/2017/09/08/big-picture-takeaways-2017-brics-summit/