The BRICS virtual summit is being planned amid the ongoing war between Russia and Ukraine. This time China is hosting the BRICS summit on 23-24 June. Cooperation in the fight against terrorism, trade, food and energy security and the global economy is expected to be high on the agenda of the 14th BRICS summit. The expansion of BRICS is also expected to be discussed in the conference. PM Modi will also attend the virtual conference. China is keen to expand BRICS and Russia supports China’s initiative to add new members to the grouping. This time the BRICS summit is being considered very important in view of the Ukraine-Russia war, global economic crisis.
What is Brix?
BRICS is a federation of the 5 largest emerging economies of the world. The organization includes Brazil, Russia, India, China and South Africa. BRICS members are known for their significant influence on regional issues. BRICS is known as one of the leading emerging economies of the world. The BRICS summit is chaired annually by its member countries. Each of the five countries hosts this conference in turn every year. This time a virtual summit is being planned and China is hosting it.
When was BRICS established?
BRICS was established in June 2006. It included the first four countries, one of which was named BRIC. Initially it included Brazil, Russia, India and China. South Africa also joined the organization in 2010. After which the name of this organization was changed. It changed from BRICS to BRICS. The first BRICS summit was held in 2009. Further expansion of this organization is also discussed.
What is the purpose of BRICS?
The BRICS organization is a multilateral forum consisting of the 5 most important emerging economies of the world. It comprises 41% of the world’s population, 24% of global GDP and 16% of world trade. Regional issues as well as global issues were discussed in the BRICS summit. Its main objective is to promote mutually beneficial cooperation among member countries in various fields so as to accelerate their development. Issues like climate change, terrorism, world trade, energy, economic crisis have been discussed.