9<Sup>th</Sup> BRICs Summit Was Held in Xiamen, China (Download PDF)

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The 9th BRICS summit was held in Xiamen, China with the theme “Stronger Partnership for brighter Future” . Second time the summit was hosted in China after 2011. BRICS leaders adopted Xiamen declaration at the culmination.

BRICs Nation Statistics

Documents Signed During BRICS

Four documents were signed in presence of BRICS Leaders. They are:

  • Strategic Framework of BRICS Customs Cooperation
  • BRICS Action Plan for Innovation Cooperation (2017 - 2020)
  • BRICS Action Agenda on Economic and Trade Cooperation
  • MoU between BRICS Business Council and New Development Bank on Strategic Cooperation

Focus of Xiamen Declaration

  • Strive Towards Broad Partnerships: Strive for broad partnerships with emerging markets and developing countries and pursue equal-footed and flexible practices and initiatives for dialogue and cooperation with non-BRICS countries
  • BRICS Local Currency Bond Markets: Promote development of BRICS local currency bond markets and jointly establish a BRICS local currency bond fund to facilitate financial market integration. Encourage explorations toward the establishment of the BRICS Institute of Future Networks.
  • R&D and Innovation in ITC: Enhance joint research, development, and innovation in information and communications technology (ICT) , including internet of things (IoT) , big data, data analytics, cloud computing, nanotechnology, artificial intelligence, 5G, and their innovative applications.
  • Cooperation on Energy: Strengthen BRICS cooperation on energy and work towards open, flexible, and transparent markets for energy commodities and technologies.
  • Promote Effective Use of Fossil Fuels: Work to promote most effective use of fossil fuels and wider use of gas, hydro and nuclear power to move towards low emission economy, better energy access and sustainable development.
  • Brics Agriculture Research Platform: Proposed to be established in India serving as virtual network facilitating cooperation in priority areas.
  • Broad Counterterrorism Coalition: Establish genuinely broad counterterrorism coalition and support UN՚s central coordinating role in this regard.
  • People-To-People Exchanges: For development and enhancing of mutual understanding, friendship, and cooperation.

What is BRICs?

  • BRICS stands for association of five major emerging economies- Brazil, Russia, India, China, and South Africa.
  • Established in 2009.
  • Originally known as BRIC before inclusion of South Africa in 2011.
  • First formal summit was held in Yekaterinburg, Russia in 2009.

Significance of BRICs Nations

  • Large, fast-growing economies with significant influence on regional and global affairs.
  • Home to 42 % of the world՚s population.
  • Total share in the global economy risen from 12 % to 23 % in the past decade
  • Collectively contribute more than half of global growth.

BRICs Plus Cooperation

BRICS plus includes BRICS plus Thailand, Tajikistan, Egypt, Kenya and Mexico.

- Published/Last Modified on: October 16, 2017

International Relations/Organizations

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