Brasilia will hold 11th BRICS Summit

On November 13-14, 2019, Brasilia will host the 11th BRICS Summit. BRICS brings together five major world economies, namely Brazil, Russia, India, China, and South Africa, which comprise 42 per cent of the world population, contribute to 23 per cent of global Gross Domestic Product and around 17 per cent of the share in world trade. The theme of this year’s summit is economic growth for an innovation future. PM Narendra modi will attend this summit. In 2020, Russia will take the helm of BRICS. This year New Development Bank (NDB) Board of Directors has approved 12 new investment projects in the BRICS countries. And since the start of its operation in 2015, 42 investment projects worth over $11 billion have been approved. The work to strengthen the BRICS Contingent Reserve Arrangement (CRA) is ongoing. Its total capital of $100 billion is to be a guarantor of the BRICS financial stability in case of crisis.