BRICS: Areas of Cooperation, Achievements and Challenges of BRICS

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BRICS Represents

BRICS Represents

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  • BRICS Represents Brazil, Russia, India, China and South Africa

  • Jim O’ Neil coined the term BRIC

  • Russia hosted First BRIC Summit

  • South Africa joined BRIC in 2010

Areas of Cooperation

  • Economic Cooperation

  • People to People Exchange

  • Political and Security Cooperation

  • Cooperation Mechanism

    • Track I

    • Track II

    • Track III

Achievements of BRICS

World Economic Governance System

  • New Development Bank

  • Contingent Reserve Arrangement

Multi Layered Pragmatic Cooperation

  • Operationalization of the partnership on New Industrial Revolution

  • Established Dialogue Architecture

Covers Diverse Agendas

  • Focus On Intra BRICS Trade

  • Addressing Bilateral Issues

Challenges to BRICS

  • Lack of Commonality Among the members

  • No common geopolitical agenda

  • Diverging Long Term economic trajectory of members

  • No concrete achievements on key Agendas

Steps to Overcome Challenges

  • Promote Comprehensive Development

  • Facilitate Trade and Investment

  • Establish Permanent Secretariat

  • Establish Coordinating Agencies

List of BRICS Summit

List of BRICS summit

Summit

Host Country

Year

First

Russia

2009

Second

Brazil

2010

Third

China

2011

Fourth

India

2012

Fifth

South Africa

2013

Sixth

Brazil

2014

Seventh

Russia

2015

Eighth

India

2016

Ninth

China

2017

Tenth

South Africa

2018

Eleventh

Brazil

2019

Twelfth

Russia

2020

11th BRICS Summit

  • Held in Brasilia, Brazil

  • Economic growth for innovative future

  • Issues Discussed

  • New NDB regional office

  • India’s Role

MCQs

1. The 2021 BRICS Summit is scheduled to be held in which country?

a) Brazil

b) India

c) China

d) Russia

Answer: B

2. In which year Contingent Reserve Arrangement was signed by BRICS Nations?

a) 2012

b) 2011

c) 2013

d) 2014

Answer: D

3. In which BRICS Summit the members signed the agreement on NDB ?

a) 6th BRIC Summit

b) 7th BRIC Summit

c) 11th BRIC Summit

d ) 5th BRIC Summit

Answer: A

4. Which of the BRICS Member is also the G20 Member ?

a) Brazil

b) India

c) China

d) All of above

Answer: D