The 14th BRICS Summit: Promoting Stability, Cooperation, and Global Recovery

Mains Marks Booster     27th July 2023        

What is BRICS?

  • BRICS is an acronym for the grouping of the world's leading emerging economies: Brazil, Russia, India, China, and South Africa.
  • BRICS represents 42% of the world's population, 30% of the land area, 24% of global GDP, and 16% of international trade.

Significant Facts of BRICS

  • BRICS Plus: The concept of "BRICS Plus" was introduced, inviting countries from different regions to participate in the summit. 
  • Brasilia Outcome: The Brasilia Declaration outlined the shared worldview and the spectrum of work undertaken by the leaders.
  • New Development Bank (NDB) projects: The NDB, a flagship achievement of BRICS, has financed 44 projects with a lending amount of $12.4 billion in just five years. 
  • Local Currency Bond Fund: BRICS governments are working towards establishing a Local Currency Bond Fund, building on the success of the Contingent Reserve Arrangement, to strengthen financial cooperation.

14th BRICS Summit: Key Highlights and Initiatives

Theme: Fostering High-quality BRICS Partnership, Ushering in a New Era for Global Development

Adopting the Beijing Declaration:

  • BRICS expresses support for talks between Russia and Ukraine
  • Willingness to aid in humanitarian efforts through the United Nations and the International Committee of the Red Cross (ICRC) in Ukraine
  • Concerns raised about the situation in Taliban-held Afghanistan

Discussions on Key Issues:

  1. Humanitarian Situation in Ukraine: BRICS expresses concern about the humanitarian situation in and around Ukraine. Support for the UN Secretary-General, UN Agencies, and ICRC in providing humanitarian assistance based on principles of humanity, neutrality, and impartiality
  1. Terrorism: BRICS emphasizes that the UN Security Council holds the authority to impose sanctions regarding terrorism. Strong stance against the use of Afghan territory as a safe haven for terrorists or for launching attacks on other countries

Initiatives: Denial of Safe Haven to Corruption and Framework for Consumer Protection in E-commerce

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