BRICS: Areas of Cooperation, Achievements and Challenges of BRICS
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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
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
- Indiaีs 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
โ Mayank