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 27-Dec-2024

16th BRICS Summit

World Affairs
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Why in News? 

The 16th BRICS Summit in Kazan concluded successfully, marking a significant milestone in fostering collaboration and addressing global challenges among member nations. 

What is BRICS? 

  • BRICS is a group of leading emerging economies initially formed in 2006 during a meeting of Brazil, Russia, India, and China (BRIC) on the sidelines of the G8 Outreach Summit. 
    • South Africa joined in 2010, expanding the group to BRICS. 
  • The grouping now includes nine countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE. 
  • The first BRIC summit was held in Yekaterinburg, Russia, in 2009.  
    • At the 6th BRICS Summit in Fortaleza (2014), leaders established the New Development Bank (NDB) to support development projects in member countries. 

 

Timeline of BRICS formation. 

 Key Highlights of the Summit 

1. New Members Participation 

a. Inclusion of new member countries highlighted the growing influence and diversity of the BRICS+ alliance. 

2. Focus on Multilateralism 

a. Discussions centered on strengthening multilateralism, combating terrorism, fostering economic growth, promoting sustainable development, and addressing Global South concerns. 

Kazan Declaration Highlights 

  • Geopolitical Conflicts: Advocated peaceful resolution in Ukraine, addressed the West Asia humanitarian crisis, and criticized disruptive unilateral sanctions. 
  • BRICS Grain Exchange: Proposed a grain trading platform with potential for agricultural sector expansion. 
  • Financial Integration: Promoted local currency trade, cross-border payments, and a BRICS-led SWIFT alternative, citing India’s UPI as a model. 
  • Big Cats Conservation: Supported India’s International Big Cats Alliance and emphasized collaborative efforts to protect vulnerable species.