Why in the News?

The BRICS summit in Kazan adopted a declaration supporting UN reforms and multilateral cooperation. India and China agreed to resolve their border disputes through dialogue and maintain a stable bilateral relationship. Both countries emphasized the importance of mutual trust, respect, and sensitivity in their relationship.

About BRICS

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.
• New Members: Egypt, Iran, UAE, Saudi Arabia and Ethiopia joined in 2023.
• The BRICS Leaders’ Summit is convened annually.
• The 15^th BRICS Summit was hosted by South Africa in 2023.
• Russia hosted the 16^th Brics summit in October 2024 in Kazan.
  • Kazan Decleration was adopted in this Summit.
• Formation of BRICS
  • The grouping was first informally formed during a meeting of the leaders of Brazil, Russia, India, and China (BRIC) on the sidelines of the G8 (now G7) Outreach Summit in St.Petersburg, Russia, in 2006, this was later formalised during the 1^st BRIC Foreign Ministers' Meeting in New York in 2006.
  • In 2009, the inaugural BRIC summit took place in Yekaterinburg, Russia. The following year (2010), South Africa joined to form the group known as BRICS.