Brazil: Prime Minister Narendra Modi has reached Brazil to attend the 11th BRICS Summit. During this conference, PM Modi will meet leaders of Brazil, Russia, China and South Africa. The theme of this meeting will be sovereignty in the current global perspective. After this, in the plenary meeting of BRICS, the five leaders will discuss ways to increase mutual business. The question is, what does this conference mean for India and why is it special.
How is BRICS made?
A new word and abbreviation BRICS has been coined, combining the first letters of Brazil, Russia, India, China and South Africa. This group of developing countries is the fastest growing economy in the world. Bix countries currently hold 30 percent of the world's land. Where 43 percent of the population lives. Economic affairs experts say that 18 percent of the world's GDP and 15 percent of the total trade takes place in these countries. The pace of the market of these countries can be gauged from the fact that between 2001 and 2011, the pace of trade between them has been 28 percent. The business potential of this group among themselves is 230 billion dollars.
In 2001, the British economist Jim O'Neill gave new thought to the Earth. He studied the economy of India, Brazil, China and Russia. Compared these countries with the economies of developed countries of the world. In their research, they proved that in the next 50 years, these developing countries hope to become the world's largest economy. Because there are many similarities in the geographical conditions of these countries. At that time he told that even though these groups are in the process of development equally. But those days are not far when these countries can beat the developed countries.
Why is the BRICS Summit special?
BRICS has become an important platform for developing countries to promote trade and brainstorm on the concerns of the world. The group faces challenges on several issues from developed countries.
India has always advocated strengthening the multilateral system. India hopes that BRICS can prove to be an important platform to deal with important challenges like climate change, WTO and terrorism. This time the summit has several major agendas. The most important challenge is to brainstorm on its solution to combat terrorism. India has decided to form a joint working group to combat terrorism. Also, to promote economic development in group countries, it has been said that a Business Council has been formed. Opportunities and challenges before BRICS countries will be discussed in the open session. After the summit, a joint statement will be issued by BRICS countries. In 2021, India will host BRICS countries.
