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13th annual summit of the BRICS

news-details Image Source Sep 14, 2021 19:05 IST · 1 min read

Prime Minister Modi, chaired the 13th annual summit of the BRICS which was held virtually.

The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.

India is the chair for 2021. It will be the third time that India will be hosting the BRICS Summit after 2012 and 2016.

The theme for the Summit was BRICS@15: Intra-BRICS cooperation for continuity, consolidation and consensus.

Highligts

1) PM Modi highlighted the achievement of several new initiatives during India's Chairship this year (2021), i.e. cooperation in the field of remote-sensing satellites; a virtual BRICS vaccine Research & Development Centre; BRICS Alliance on Green Tourism, etc.

2) Prime Minister called for enhanced BRICS cooperation under the motto of Build-back Resiliently, Innovatively, Credibly and Sustainably.

3) BRICS Counter Terrorism Action Plan was adopted towards areas of Counter Terrorism cooperation (radicalization, online terrorist threats, border management, intelligence sharing, etc.).

4) Delhi Declaration was adopted for reforms of the principal organs of the United Nations including that of the UN Security Council (UNSC).

5) Noted the proposal made by India and South Africa at the World Trade Organisation (WTO) for the waiver of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) mechanism to ensure a rapid expansion of the Covid-19 vaccine production around the world.

BRICS

BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China, and South Africa.

In 2001, the British Economist Jim O'Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.

The grouping was formalised during the first meeting of BRIC Foreign Ministers' in 2006.

South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.

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