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14th BRICS Summit: Members of BRICS take a similar stance on world economy

Prime Minister Narendra Modi said at a virtual summit of the five-nation grouping sponsored by China that the consequences of the Covid epidemic on the global economy are still apparent and that cooperation among the BRICS countries can be a beneficial part of its recovery. The BRICS member nations, according to the prime minister, share a similar approach to managing the world economy.

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KEY POINTS:

  • Presidents Xi Jinping of China, Vladimir Putin of Russia, Jair Bolsonaro of Brazil, and Cyril Ramaphosa of South Africa were present as Modi delivered the statements.
  • Five of the major developing nations in the world are represented by the BRICS (Brazil, Russia, India, China, and South Africa), accounting for 41% of the world’s population, 24% of its GDP, and 16% of its commerce.
  • The Ukraine crisis and the protracted military stalemate between India and China in eastern Ladakh served as a virtual backdrop for the BRICS presidents’ meeting. In its role as the grouping’s chair for this year, China hosted the meeting.
  • In his speech, Modi said that the BRICS had undergone a number of structural changes that had improved the organization’s efficiency.
  • Modi claimed that by taking such concrete actions, BRICS has become a special international group whose goals go beyond discourse. People-to-people exchanges have improved thanks to the BRICS Youth Summits, BRICS Sports, and increased exchanges among think tanks and civil society organisations.

Important Takeaways For All Competitive Exams:

  • President of China: Xi Jinping
  • President of Russia: Vladimir Putin
  • President of Brazil: Jair Bolsonaro
  • President of South Africa: Cyril Ramaphosa

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