Context:
First ministerial meeting following BRICS expansion held in Russia
BRICS:
- Founding members – Brazil, Russia, India, and China
- Became BRICS with the inclusion of South Africa in 2010.
- 1st BRIC summit – Held in Russia in 2009.
- New members – Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates
- Functioning – Basedon the UN Charter, generally recognised principles and norms of international law, and the principles of openness, pragmatism, solidarity, non-bloc nature, and neutrality with regard to third parties.
- Chairmanship – In accordance with the acronym B-R-I-C-S, the members take turns on an annual basis.
Key Initiatives:
- Fortaleza Declaration – Marked the establishment of the New Development Bank
- HQ – Shanghai
- Aim to mobilize resources for infrastructure and sustainable development.
- BRICS Contingent Reserve Arrangement – To stop short-term liquidity crises and further strengthen financial stability.
- BRICS Payments Task Force – Cooperation on national payments systems.
- Ufa Declaration – Covers a range of topics, including global governance, international security, and economic cooperation.
Source: Economic Times
Previous Year Question
Consider the following:
1. Asian Infrastructure Investment Bank
2. Missile Technology Control Regime
3. Shanghai Cooperation Organisation
India is a member of which of the above?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 1 and 2 only
(b) 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Answer: (d)
