BRICS Finance Ministers Meet, 2021

India recently hosted the BRICS Finance Ministers Meet. This was the first BRICS meet under the chairmanship of India in 2021. As 2021 BRICS Chair, India aims to focus on strengthening intra-BRICS cooperation based on continuity, consolidation and consensus.

Discussions held at the meet

The following discussions were held by the leaders during the meet:

  • Global Economic Outlook and Response to COVID-19 pandemic
  • Activities of New Development Bank
  • Social Infrastructure Financing
  • Use of Digital Technologies
  • Cooperation on Customs related issues
  • International Monetary Fund reforms
  • Financial Inclusion
  • Fintech for SMEs
  • BRICS Bond Fund
  • BRICS Rapid Information Security channel

India as BRICS host

India will host the BRICS meeting for the year 2021. The 2021 BRICS Summit is the thirteenth summit of the grouping. Also, 2021 marks the fifteenth anniversary of the international grouping.  This is the third time India is hosting BRICS Summit. Previously India hosted BRICS Summit in 2012 and in 2016.

About 2021 BRICS Summit

The 2021 BRICS Summit will focus on three main pillars. They are:

  • Political and Security
    • The summit will discuss on reforms of multilateral system and counter terrorism cooperation
  • Economic and Financial relations
    • BRICS Economic Partnership Strategy 2020-25 is to be implemented.
    • BRICS Agriculture Research Platform operations are to be discussed
    • Innovation Cooperation
    • Digital Health and Traditional Medicine
  • Cultural and People to people relations

BRICS

  • BRICS is the acronym of Brazil, Russia, India, China and South Africa.
  • The first BRICS summit was held in the year in 2009 in Russia.
  • In 2010, South Africa joined the BRICS grouping. Earlier to this, the grouping was called BRIC.
  • The association holds more than 40% of global population and 25% of global GDP.
  • In 2020, the New Development Bank of BRICS approved 1 billion USD. It was COVID-19 Emergency Programme Loan for supporting India’s Economic Recovery.

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