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About the BRICS Summit
Conferences & Symposiums
Ends: Aug 24, 2023
DESCRIPTION:
BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The group was
originally known as "BRIC" until the inclusion of South Africa in 2010.
The BRICS countries are known for their significant influence on regional and global affairs due to their large, fast-growing economies and substantial impact on regional and international affairs. Collectively, the BRICS countries represent around 41% of the world's population, 24% of the global GDP, and 16% of global trade.
The BRICS Summit is an annual meeting held by the BRICS countries to discuss issues of mutual interest and foster cooperation in various domains such as trade, technology, culture, and politics. These meetings provide a platform for the leaders to engage in dialogue and negotiate common positions on international matters.
Here is an overview of some aspects of the BRICS Summit:
The concept of BRICS began to take shape in the early 2000s. The first formal meeting in 2006 occurred on the sidelines of the G8 Summit, and the first full-fledged BRICS Summit took place in 2009 in Yekaterinburg, Russia.
Economic collaboration and reform of global financial institutions are common topics at the Summit. The group has called for more representation in institutions like the IMF and World Bank. The creation of the New Development Bank (NDB) in 2014 is one of the significant achievements in this area, aimed at funding infrastructure projects in developing countries.
The BRICS nations seek to balance the Western-dominated international political and economic order. They often discuss global governance, peace, security, and climate change issues. The Summit also includes cultural and people-to-people exchanges to foster understanding and friendship among the nations, including education, tourism, and sports programs.
While BRICS represents a significant global force, the group faces challenges regarding internal cohesion, as the countries have different political systems, economic structures, and strategic interests. Some critics argue that these differences hinder the group's ability to act as a unified entity. However, the BRICS Summit is a vital platform for collaboration and dialogue among some of the world's most influential emerging economies. It symbolizes the shift in global power dynamics, with the group striving for a more equitable and multipolar world.
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