BRICS 2014

Made by Group 9Uday Gupta, Shivashish Sharma, Shresht Sharma, Shaurya Bamrara

VI-E

The First Summit The acronym BRIC (for Brazil,

Russia, India, China) was first used in a Goldman Sachs thesis projecting that the economic potential of Brazil, Russia, India and China is such that they may become among the five most dominant economies by the year 2050. Today, the four countries produce about 15 percent of the world’s gross domestic product and hold about 40 percent of the gold and hard currency reserves.

Political dialogue between the BRIC countries began in New York in September 2006, with a meeting of the BRIC foreign ministers. Four high-level meetings have followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.

From BRIC to BRICS

At the end of 2010, the news that the BRIC forum would accept South Africa as a full member of the group caught international media attention, as the current chair of BRIC, Chinese President Hu Jintao issued an invitation letter to South African President Jacob Zuma, inviting him to attend the third BRIC leaders’ meeting to be held in China in 2011.

About Brics 2014

Following the 2013 BRICS summit in Durban, South Africa, the BRICS countries released a joint statement summarising the results of their discussions and naming Brazil as the host country for the 2014 summit. Having agreed to set up a new international development bank during the 2013 summit, the member countries intended to complete the arrangements prior to the 2014 summit. The summit was initially scheduled for March 2014, but was shifted to a later date at China's request; it was held on 14–16 July 2014.

Narendra Modi in Bricks 2014

Prime Minister Narendra Modi attended his first multi-lateral meet in the form of sixth BRICS Summit held in Brazil. Narendra Modi in his two-day meet, met the International leaders President of Brazil Dilma Rousseff, President of Russia Vladimir Putin, President of China Xi Jinping and President of South Africa Jacob Zuma. World leaders who met at the BRICS Summit were seen lavishly heaping praise on Indian Prime Minister’s persona. The highlight of the sixth BRICS Summit was the formation of the new BRICS Developmental Bank; the headquarters of the same will be stationed in China, while India will be its first President. Indian Prime Minister Narendra Modi impressed his counterparts with his flair and oratory skills

Agenda

The BRICS Development Bank was due to be inaugurated and Shanghai was selected as its headquarters. On 15 July, the group signed a document to create the US$100 billion BRICS Development Bank and a reserve currency pool worth over another US$100 billion. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed.

Participants

OBJECTIVE OF BRICS

To achieve regional development

To remove trade barriers

Economic development

Optimum use of resources

Building relationship

ADVANTAGES

India is also expected to grow faster than China after 2020

India- Characterized by a low share of consumption and high savings.

Rising incomes in the BRICs nations will create a new middle consumer class

Featured as- “Roadmap For Contribution” Important drivers for growth in the global economy. Expansion of their consumer markets and the rise of

multinational companies the establishment of a “positive multipolarity" in

international affairs

FUTURE PROSPECT

BRICS will remain a useful mirror Brazilian comparisons with China and India in

regards to economic factors overcoming current obstacles to higher sustainable

growth drive productivity and competitiveness in an

increasingly integrated world economy a central role in dealing with global challenges and

threats.

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