BRICS Business Forum held: Key Facts

The BRICS Business Forum was held recently through video conferencing. The BRICS Business council held the forum. The council was formed in 2013 summit in Durban. Since its establishment, the primary task of BRICS Business council is to increase trade and investment among the member countries of BRICS.

Highlights

Russia chaired the meet as it is currently holding the rotating leadership of BRICS. Around 90 speakers from the member countries participated at the forum. One of the main tasks of the council is to update the Strategy for Economic Partnership of BRICS. The plan focuses on business-to-business engagements to create transactions and explore investment opportunities among member countries.

Key discussions

During the meet, the council discussed on ways to restore economies of BRICS countries, impact of COVID-19 pandemic on industrial production. Also, the development of women entrepreneurship within BRICS was discussed.

Significance

BRICS is highly important as an international grouping. This is because, BRICS represents 3.1 billion people. This is about 40% of world population. Also, it contributes 30% of world GDP.

Objectives of BRICS

It aims to broaden and deepen cooperation among its member countries for equitable and sustainable development. It aims to achieve developmental and poverty objectives by avoiding competition among its members where ever possible.

New Development bank

It was established during the fourth BRICS Summit held in New Delhi. The headquarters of the bank is located in Shanghai.

Contingent Reserve Arrangement

The Contingent Reserve Arrangement was signed in 2014 under the Fortaleza Declaration at the 6^th BRICS Summit. Under the arrangement, short-term liquidity support is provided to members through currency swaps. This will help mitigate BOP crisis and will strengthen financial stability.

Way Forward

The BRICS Business Council is to release its annual report on November 10, 2020. Also, the BRICS Leaders Summit is to be held on November 17, 2020 under the theme “BRICS Partnership in the Interests of Global Stability, Common Security and Innovative Growth”.

Month: Current Affairs - November, 2020