India begins BRICS Chairship- Key Facts
India has started its BRICS Chairship with the inaugural three-day-long Sherpas’ meeting on February 25, 2021.
Highlights
- The spokesperson of Ministry of External Affairs (MEA), Anurag Srivastava stated that the Secretary (CPV & OIA) chaired the meeting and highlighted the themes, priorities, and calendar for the BRICS 2021.
- Earlier, the External Affairs Minister S Jaishankar had launched India’s BRICS 2021 website at Secretariat of BRICS at Sushma Swaraj Bhawan.
- President of China, Xi Jinping, might also visit India later for the BRICS summit.
- China had also provided its supports to India in hosting the meeting and is willing to work with the BRICS countries so as to expand its cooperation in the fields of politics, economy and people-to-people exchanges.
About BRICS
It is the acronym for Brazil, Russia, India, China, and South Africa. These members are known for their significant influence in the region. The respective government of the BRICS state meet annual formal summits starting from 2009. The 12th BRICS Summit was held by the Russia on November 17, 2020 virtually amid the COVID-19 pandemic.
Where does BRICS Stand?
BRICS have a combined area of 39,746,220 km2 and a total population of about 3.21 billion. It accounts for around 26 % of the world land surface and 41% of world population. All the members of BRICS are also the members of G20 grouping. The countries account for around 23% of gross world product (GWP). The Bilateral relations between the BRICS states runs on the principles of equality, non-interference and mutual benefit.
Background
The term “BRIC” is believed to be coined in 2001 by Jim O’Neill who was the then-chairman of Goldman Sachs Asset Management. But this term was actually coined by Roopa Purushothaman. The first meeting of the grouping was held in Yekaterinburg in June, 2009.
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Month: Current Affairs - February, 2021