BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia.
BRICS is the abbreviation of five countries Brazil, Russia, India, China and South Africa and it is annually held since 2009, to build better global economies ties among all five nations. All five BRICS nations are also the members of G20 and the sixth summit has also invited Argentina for the first time, to make it the sixth member in its group.
The first BRIC summit was held in Yekaterinburg, Russia on 16th June, 2009 with the all five leaders Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao attending the event. On April 15, 2010, BRIC's second summit, the group expanded with South Africa as the latest country to join and thus BRIC became BRICS on December 24, 2010 at Brasilia, Brazil. On April 14, 2011, the third BRICS Summit was attended by the South African President Jacob Zuma along with the four members of Brazil, Russia, India and China in Sanya, China. On March 29, 2012, fourth BRICS Summit was held for the first time in the national capital New Delhi, India with the former prime minister Dr Manmohan Singh as the host leader. On March 26, 2013, the host country of the BRICS Summit was Durban, South Africa.
6th BRICS summit is the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. It is hosted by Brazil, as the first host country of the current five year summit cyclethe host city is Fortaleza. Though Brazil hosted a four member BRIC summit in April 2010, 2014 will mark its first full BRICS summit the 2010 summit in Brasília did not officially include South Africa, who were only invited as guests in a prelude to full membership, which they achieved in December 2010.
Following the 2013 BRICS summit in Durban, South Africa, the BRICS countries released a joint statement summarising the results of their discussions and naming Brazil as the host country for the 2014 summit.Having agreed to set up a new international development bank during the 2013 summit,the member countries reportedly intend to complete the necessary arrangements for this bank prior to the 2014 summit.The summit was initially scheduled for March 2014, but was shifted to a later date at China's request it will now be held in July.Host President Dilma Rouseff invited the BRICS leaders to the 2014 FIFA World Cup Final. Modi responded in saying "Sports brings about a spirit of amity and belongingness among nations of the world. May the FIFA World Cup become a bridge for connecting nations together! Jo khele, wo hi khile.
BRICS is the acronym for an association of five major emerging national economies Brazil, Russia, India, China, and South Africa.The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast growing economies and significant influence on regional and global affairs all five are G 20 members.As of 2013, the five BRICS countries represent almost 3 billion people with a combined nominal GDP of US$16.039 trillion and an estimated US$4 trillion in combined foreign reserves.As of 2014, the BRICS nations represented 18 percent of the world economy.South Africa held the chair of the BRICS group in 2013, having hosted the group's fifth summit in 2013.The BRICS have received both praise and criticism from numerous quarters.Argentina will participate in the Fortaleza Summit to be held in July 2014 in response to an invitation by Russia. in that meeting, the BRICS countries will discuss the possible admission of Argentina as the sixth member country.The term, "BRICS", was coined by economist 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 in September 2006, beginning a series of high level meetings. A full scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 May 2008.
2. BRICS Objectives
Main objectives of brics are:
Follow the foundry market evolution of the BRIC countries,Promote the technological information exchange among the countries of this economic block,Improve the professional development and education of the BRIC countries foundrymen,Making these countries getting closer to others to obtain the comparative advantages of these countries in the benefit of the whole foundry industry installed in the block.Think tanks from BRICS have a unique role to play in enhancing cooperation amongst the five nations. Through research and related efforts, think tanks can contribute to social and economic development in the BRICS. Coordinated development amongst the five can also be facilitated along with contributions to the ongoing recovery of the world economy through this form of cooperation.
Russias Ambassador to India Vadim Lukov described the BRICS as a wave of the future. This formula deserves to be included in Russias official position as well as those of the other BRICS countries.But for this new wave to cleanse and improve the world instead of just dissipating as it hits the shore or fragmenting as it crashes against the rocks, we must always keep in mind the dichotomy propelling the group forward BRICS is a global alliance of regional powers.Unfortunately, analysts conventionally regard the world as a collection of regions rather than as a whole. Even Chinas global influence is not keeping pace with its growing analytical potential. As for Russia, whatever globalist thinking can be found is rudimentary and left over from the Soviet era.The BRICS must learn to appreciate their global role, to turn into an active global force not only responding to issues as they arise but architects of the new world order.The global financial systems exhausted potential is one of the key issues of our time. A premeditated change in that system would harm its main beneficiaries who also define its condition.Therefore, the BRICS potential to make a difference as part of international organizations is limited to minor improvements. Any major steps will always be blocked because they risk cutting dominant countries incomes.This means the focus must be shifted to building our own financial institutions, albeit with limited authority at this stage. Life itself is prodding us in this decision for example, no longer using the U.S. dollar in international transactions requires that we hedge our currency risks. It is time we started preparing to create a different reserve currency to replace the dollar.But, while addressing specific issues we should not overlook the strategic goal of moving from a speculative to a production based economy with global reach.
It is also important to restore international law, currently obscured by the smoldering ruins of Libya. Although breached by NATOs previous aggressive campaigns against Yugoslavia and Iraq, it survived as long as there remained someone to defend it. In Libya, no one came forward, and eventually what little remained of it was no more.And the most disastrous consequence is that, without international law, the only way a state can defend itself from bomb attacks of the international community is by building nuclear weapons.
To build institutional research infrastructure by conducting original and innovative biomedical research aimed at improving minority health and eliminating health disparities at WSSU through recruitment of a critical mass of investigators and technical personnel,To strengthen faculty research and the capacity for research training by renovating and equipping laboratories in a basic research facility shared with its collaboratorscreating faculty incentives for developing and executing research proposals and establishing scientific working groups, especially related to research improving minority health and eliminating disparities.To prepare students for careers in research. The aim is to increase the pool of minority students who are technically and academically prepared to compete for entry into Ph.D. programs in biomedical or health sciences.To advance WSSU's institutional goal of establishing the successful, functional, research training environment necessary to seek authorization from the UNC System to plan, develop and fund a Ph.D. program in biomedical sciences.
3. BRICS nations need unity to reach objectives
Since the BRIC acronym was first coined in a 2001 paper by Goldman Sachs chief economist Jim O'Neill, the leaders of Brazil, Russia, India and China have made major strides in developing political, economic and social ties. But after numerous declarations of support and pledges of agreement, there is still much that this group of fast moving nations needs to accomplish together.Annual summits for the group later expanded to BRICS with the inclusion of South Africa have been held since 2009. These meetings regularly provide forums for discussions of important topics, such as international economic reforms and energy security. Given their dominance at the bottom of the global value chain, BRICS countries have realized the importance of mutual cooperation and understanding.In March 2013, the five countries reached an agreement to establish a development bank with a mandate to provide loans for infrastructure projects throughout the developing world. The creation of this institution was seen as a landmark event in the financial world, which has long revolved around the interests of wealthy developed nations.The potential for future cooperation between the BRICS countries remains enormous given their collective position in the world economy. In 2012, the five nations were home to nearly 3 billion people, accounting for roughly 43 percent of the world's total population. Their combined GDP also equaled nearly 21 percent of total world production during that year as well. And during 2013, GDP growth in these countries is expected to hit an average of 6.9 percent, compared with the projected global average of 3.6 percent, according to Goldman Sachs research.With the BRICS members now accounting for nearly half of global economic growth, these countries are well placed to protect the interests of the developing world as a whole. Although their national interests occasionally put them in competition with one another, the group's successes rest on the principle that real results will only come through cooperation.Over the past several years, political and economic pressure from the West has been pushing BRICS members closer together. This trend toward unity must continue in order to carry the group through the important trade, investment and financial objectives that lay ahead.First of all, BRICS countries should start free trade negotiations as soon as possible to counter the effects of regional economic deals such as the Trans Pacific Partnership, the Regional Comprehensive Economic Partnership. The bloc should aim to reach free trade agreements within two years' time in order to advance their position in the global market. Ideally, each country should leverage its own advantages as it moves toward a trade pact China and India can offer their low cost labor while Brazil, Russia and South Africa can put forward their abundant natural resources.Second, the group should work together to establish simplified investment procedures which keep tax and administrative barriers at a minimum. All of the five countries could benefit dramatically from more investment. India, for instance, needs funding to modernize its infrastructure and telecommunications networks. Meanwhile, Brazil and Russia need money to improve their manufacturing and energy sectors.Thirdly, BRICS nations need to become more adept at protecting themselves in the international financial market. The bloc is particularly vulnerable now to capital outflows being recorded across emerging markets in response to monetary policies in the West.As nations with emerging economies, BRICS members need strong bilateral and multilateral ties to protect their interests from the challenges presented by the US and other developed Western countries.
4. 1st BRIC summit Russia
The inaugural BRIC summit took place in Yekaterinburg, Russia on June 16, 2009.The four heads of government from the BRIC countries attended.
The acronym BRIC (for Brazil, Russia, India, China) was first used in a Goldman Sachs thesis projecting that the economic potential of Brazil, Russia, India and China is such that they may become among the five most dominant economies by the year 2050.Today, the four countries produce about 15 percent of the worlds gross domestic product and hold about 40 percent of the gold and hard currency reserves.Political dialogue between the BRIC countries began in New York in September 2006, with a meeting of the BRIC foreign ministers. Four high level meetings have followed, including a full scale meeting in Yekaterinburg, Russia, on May 16, 2008.The leaders discussed the current global financial crisis, global development, and further strengthening of the BRIC group.The BRIC leaders called for increased economic reform, demanding a greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit based selection process.Amongst the important issues discussed were United Nations reform. We reiterate the importance we attach to the status of India and Brazil in international affairs, and understand and support their aspirations to play a greater role in the United Nations.Regarding the 2007
5. 2nd BRIC summit Brazil
The 2010 BRIC summit took place in Brasilia, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days.The world economic situation has improved since our first meeting in June 2009, in Ekaterinburg. We welcome the resumption of economic growth, in which emerging market economies are playing a very important role. However, we recognize that the foundation of world economic recovery is not yet solid, with uncertainties remaining. We call upon all states to strengthen macroeconomic cooperation, jointly secure world economic recovery and achieve a strong, sustainable and balanced growth. We reiterate our determination to make positive efforts in maintaining domestic economic recovery and promoting development in our own countries and worldwide. We underline the importance of maintaining relative stability of major reserve currencies and sustainability of fiscal policies in order to achieve a strong, long term balanced economic growth. We are convinced that emerging market economies and developing countries have the potential to play an even larger and active role as engines of economic growth and prosperity, while at the same time commit to work together with other countries towards reducing imbalances in global economic development and fostering social inclusion.. G-20 members, with a significant contribution from BRIC countries, have greatly increased resources available to the IMF. We support the increase of capital, under the principle of fair burden-sharing, of the International Bank for Reconstruction and Development and of the International Finance Corporation, in addition to more robust, flexible and agile client driven support for developing economies from multilateral development banks. Despite promising positive signs, much remains to be done.
We believe that the world needs today a reformed and more stable financial architecture that will make the global economy less prone and more resilient to future crises, and that there is a greater need for a more stable, predictable and diversified international monetary system. We will strive to achieve an ambitious conclusion to the ongoing and long overdue reforms of the Bretton Woods institutions. The IMF and the World Bank urgently need to address their legitimacy deficits. Reforming these institutions governance structures requires first and foremost a substantial shift in voting power in favor of emerging market economies and developing countries to bring their participation in decision making in line with their relative weight in the world economy. We call for the voting power reform of the World Bank to be fulfilled in the upcoming Spring Meetings, and expect the quota reform of the IMF to be concluded by the G-20 Summit in November this year. We do also agree on the need for an open and merit based selection method, irrespective of nationality, for the heading positions of the IMF and the World Bank. Moreover, staff of these institutions needs to better reflect the diversity of their membership. There is a special need to increase participation of developing countries. The international community must deliver a result worthy of the expectations we all share for these institutions within the agreed timeframe or run the risk of seeing them fade into obsolescence.We reiterate the importance of the UN Millennium Declaration and the need to achieve the Millennium Development Goals . We underscore the importance of preventing a potential setback to the efforts of poor countries aimed at achieving MDGs due to the effects of the economic and financial crisis. We should also make sustained efforts to achieve the MDGs by 2015, including through technical cooperation and financial support to poor countries in implementation of development policies and social protection for their populations. We expect the UN MDG Summit, in September 2010, to promote the implementation of MDGs through policy recommendations. We stress that sustainable development models and paths of developing countries should be fully respected and necessary policy space of developing countries should be guaranteed.The meeting in Brasilia comes as Latin America's largest economy tries to take a more prominent role on the world stage. It has become an important member of the G20 group of nations now a key forum for global economic and financial discussions.The BRIC summit will be preceded on April 15th by a meeting of heads of states from Brazil, India and South Africa, also in Brasilia, the foreign office said.Roberto Jaguaribe, deputy secretary of political affairs, was traveling to Russia, India, China and South Africa to define the agenda for both meetings, it added.
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