16th BRICS Summit

Current Context : Prime Minister Narendra Modi is scheduled to visit Russia from October 22-23 to attend the 16th BRICS Summit.

• Location: Kazan, Russia.
• Theme: “Strengthening Multilateralism for Just Global Development and Security.”
• Focus: Discussions on global issues, enhancing cooperation, and evaluating progress on existing BRICS initiatives.​

ABOUT BRICS

• Members: Brazil, Russia, India, China, and South Africa.
• New Members (2024): Egypt, Ethiopia, Iran, and the UAE.
• Establishment: First BRIC meeting held in 2006, formalized as a summit in 2009 in Russia.
• South Africa joined in 2010, making it
• Objective: Promote economic, political, and cultural cooperation among member countries, with a focus on sustainable development and global stability.

KEY INITIATIVES:

• New Development Bank (NDB): Established in 2014, headquartered in Shanghai, China, to fund infrastructure and sustainable development projects.
• Contingent Reserve Arrangement (CRA): Provides financial support to members facing balance of payments crises.

BRICS represents 41% of the world’s population, 24% of global GDP, and 16% of world trade, making it a significant force in global economics​