The 11th BRICS Summit 2019 was held in Brazil.
Key highlights of the summit
- Multilateralism: India articulated a vision for strengthening and reforming the present multilateral system.
- BRICS leaders and BRICS Business Council Meeting: BRICS Business Council created a roadmap to achieve the $ 500 billion Intra-BRICS trade target by the next summit and identification of economic complementarities among BRICS countries would be important in this effort.
- Security Cooperation: first Seminar on BRICS Strategies for Countering Terrorism was organized. It will increase strong BRICS Security Cooperation against terrorism and other organized crimes. The joint working group on counter-terrorism has decided to constitute sub-working groups in five areas:
- Terrorist financing;
- Use of the Internet for terrorist purposes;
- Countering radicalization;
- The issue of foreign terrorist fighters;
Foreign terrorist fighters are defined as individuals who travel to a State other than their State of residence or nationality for the purpose of the perpetration, planning or preparation of, or participation in, terrorist acts or the providing or receiving of terrorist training, including in connection with armed conflict.
- The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs.
- He also suggested world policymaking forums should be reorganised and in particular, the G7 should be adjusted to incorporate BRIC representatives.
- BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
- As a formal grouping, BRIC started after the meeting of the leaders of Russia, India and China in St Petersburg on the margins of the G8-Outreach Summit in July 2006.
- The first BRIC Summit was held in Yekaterinburg, Russia, on June 16, 2009.
- The BRICS members are known for their significant influence on regional affairs. All members of BRICS are members of G20.
- Initially, the bloc included only four nations and was termed as BRIC, as South Africa became a member of the bloc only in 2010.
- The BRICS summit has been hosted alternatively every year since 2009.
- The 10th BRICS Summit was hosted by South Africa in January 2018.
- BRICS leaders will soon commence the full operationalization of the BRICS Partnership on New Industrial Revolution (PartNIR).
- PartNIR will deepen BRICS cooperation in digitalization, industrialization, innovation, inclusiveness and investment.
- It aims to maximize the opportunities and address the challenges arising from the 4th Industrial Revolution.
- BRICS Plus - China introduced the “BRICS Plus” format at the Xiamen summit last year.