BRICS is an international organisation which started early in the year of 2008 immediately after the global financial crisis and after the international monetary organisation changed its policies for the developed nations like USA as this policy was not favouring the emergence of the developing countries like INDIA CHINA etc. BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. this organisation started with initially with four countries i.e; Brazil, Russia, India, China and was known as known as BRIC. South Africa joined this league in the year of 2010. Russia currently holds the chair of the BRICS group, and hosted the group's seventh summit in July 2015.As of 2015, the five BRICS countries represent over 3 billion people, or 42% of the world population; as all five members are in the top 25 of the world by population, and four are in the top 10. The five nations have a combined nominal GDP of US$16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$4 trillion in combined foreign reserves.The BRICS have received both praise and criticism from numerous commentators.[Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit (win-win). It is estimated that the combined GDP (PPP) of BRICS would reach US$50 trillion mark by 2020.the seventh BRICS summit was held at UFA in RUSSIA which was attended by the representatives from all the brics nations i.e; country representative
BRAZIL - Dilma Vana Rousseff
RUSSIA - VLADIMIR PUTIN
INDIA - NARENDRA DAMODAR DAS MODI
CHINA - XI JINPINGS
SOUTH AFRICA - JACOB ZUMA
SOME of the highlights of the BRICS summit 2015 are as follows:
1. The decisions over the national development bank was taken at the 6th BRICS summit at Fortaleza in Brazil in 2014 and therefore in the 7 th BRICS summit it has been ratified by aal the members selecting SHANGHAI as the bank headquarter and india got the opportunity to nominate its first chief so K V KAMATH former chairman of Infosys India ltd.
2. The objectives of this bank were made clear that the prime objectives of this bank will be the infrastructural development and the limit of this would be $ 34 bn annually
3. All the five members state to contribute $ 10 bn each to accumulate a capital of $ 50 bn, initially this would be increased to $ 100 bn over a period of time. Any member cannot increase its share capital without the consent of balance four members. this issue was raised by India which was accepted by all the other members.
4. Bank would provide monetary assistance to other countries suffering from economic volatility $ 10bn will be paid in capital ( $ 2bn from each member) and $ 40bn to be paid upon request.
5. Any country can become the members of this NDB but the share of the brics nation would not downfall by 55%. the bank would start lending from 2016.
UFA declaration:-
1. Members nation to step up coordinated efforts in responding to emerging challenges ensuring peace and security promoting development in a suitable way.
2.There is a need to bring reform in UNSC was highlighted. china and Russia supported BRAZIL, INDIA, and SOUTH AFRICA aspiration to play a greater role in the UN.
3. BRICS nation called the US to ratify the IMF 2010 Reform package by mid September 2015
4. BRICS members decided to create a BRICS working group on anti-corruption cooperation to come into effect by November 2015
5. MoU on the creation of joint BRICS website was decided
6. BRICS minister of labor and employment will be held in Feb 2016 which will focus on the creation of the decent jobs and information sharing on labor and employment issues.
BRICS summit was concluded on 9 july with a promise to meet again in 2016 in INDIA.
