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Mahesh

25/06/22 06:14 AM IST

14th BRICS Summit

In News 
  • Prime Minister Shri Narendra Modi led India’s participation at the 14thBRICS Summit, convened under the Chairmanship of President Xi Jinping of China in virtual moment.
Details 
  • Prime Minister called for strengthening of the BRICS Identity and proposed establishment of Online Database for BRICS documents, BRICS Railways Research Network, and strengthening cooperation between MSMEs.
  • India will be organizing BRICS Startup event this year to strengthen connection between Startups in BRICS countries.
BRICS 
  • BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
  • In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
  • The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
Source- PIB 

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