BRICS SUMMIT KNOW ALL ABOUT 10TH BRICS SUMMIT 2018

BRICS is the association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. BRICS is an Acronym coined by British economist Jim O’Neill. Initially, BRIC was the group of four countries: Brazil, Russia, India, and China but in 2010 South Africa was also induced in the association and renamed as BRICS. All BRICS members are the members of G20 and are also known for their significant influence on regional affairs. The headquarter of the BRICs association is situated in Shanghai. The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries. The headquarter of NDB is also situated in Shanghai.

Key Points of BRICs Summit 2018:

1. The 2018 BRICS summit was the tenth annual BRICS summit. The summit was hosted by South Africa in Johannesburg. This was the second time that South Africa has hosted the summit after the 2013 summit.

2. The theme of the 10th BRICS Summit is BRICS in Africa - collaboration for inclusive growth and prosperity in the 4th industrial revolution.

3. The following are the MOUs signed between India and South Africa during the 10th BRICS Summit

a. MOU Between ICAR and ARC: Memorandum of Understanding between the ICAR (Indian Council of Agricultural Research, New Delhi, India) and the ARC (Agricultural Research Council, Pretoria, South Africa) on Cooperation in Agricultural Research and Education.

b. MOU between Government of the Republic of South Africa and the government of the Republic of India: Memorandum of Understanding between the Government of the Republic of South Africa and the government of the Republic of India regarding the Setting up of the “ “Gandhi Mandela Centre of Specialization for Artisan Skills” in South Africa.

c. MOU between ISRO and South Africa National Space Agency: Memorandum of Understanding between Indian Space Research Organisation and the South Africa National Space Agency on Cooperation in the Exploration and Uses of Outer Space for Peaceful Purposes.

BRICs History:

The term "BRIC" was coined in 2001 by the chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs.  The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City on September 2006 at the margins of the General Debate of the UN General Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.

List of BRICs Summits till 2018: