14th Summit of BRICS

Posted By
10Pointer
Categories
World Affairs
Published
24th Jun, 2022

Context

The BRICS countries, including Russia, China and India, jointly reiterated their support for UN-facilitated humanitarian assistance and peace talks to resolve the Ukraine war, even as leaders committed to respecting the sovereignty and territorial integrity of all states.

Key-highlights of the Summit

The meeting was in the spotlight as it was the first major multilateral get-together attended by Putin since Russia invaded Ukraine on February 24.

Among the various leaders, Chinese President Xi was the only one to explicitly refer to the Ukraine war by name.

No significant decisions were announced during the meeting.
This was the third consecutive year that the BRICS summit was held in the virtual mode.
At the end of the virtual summit, the leaders of India, Russia, China, Brazil and South Africa released a joint statement.
- The joint statement mentioned that the leaders expressed their national positions on the Ukraine war at the summit.

Points highlighted by India

In his public opening remarks, the Indian Prime Minister did not dwell on the Ukraine issue.
He noted that the BRICS members shared a “very similar view of the governance of the global economy”.
He said the structural changes undertaken in BRICS in the last few years increased the influence of the grouping.
It is a matter of happiness that membership to the New Development Bank (NDB) has increased, Modi said, adding that cooperation among the member countries has benefitted their citizens.

BRICS

BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. The acronym "BRICS" was formulated by economist Jim O'Neill, of Goldman Sachs.
Originally it was just BRIC i.e. Brazil, Russia, India, China.
The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.