9th BRICS Summit 2017 Highlights

The 9th BRICS Summit was held from 3rd to 5th September in Xiamen, China. The Summit had five participating countries namely Brazil, Russia, India, China and South Africa. The summit was hosted by China for the second time after the 2011 Summit. The theme of the 2017 BRICS Summit was “BRICS: Stronger Partnership for a Brighter Future”.

Important Highlights of the Summits are as follows-
  1. Pak-based terror groups named for 1st time: Terror groups such as LeT and the JeM were named for causing violence in the region, a first by the forum.
  2. Modi-Xi bilateral meet post Doklam: Prime Minister Narendra Modi and Chinese President Xi Jinping held their first substantive bilateral meeting after the 73-day Dokalam standoff.
  3. 4 documents inked to boost commercial ties among BRICS nations: Four documents, including on economic and trade cooperation, were signed by the BRICS countries today with an aim to deepen commercial ties among the grouping’s members.
  4. Modi-Putin meet: The two leaders met on the sidelines of the BRICS Summit. This was Modi’s first bilateral meeting since his arrival. They discussed ways for boosting bilateral trade and investment along with the security situation in Afghanistan.
  5. Five banks of BRICS Nations Sign Pact for Credit Lines: Five banks of the BRICS Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings. Brazilian Development Bank, Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa signed the agreement. 
  6. China Announced $80 Million (apprx.) Funding Plan for BRICS: China will give 500 million yuan ($76.4 million) for a BRICS economic and technology cooperation plan, and another $4 million for projects at the BRICS countries’ New Development Bank stated Chinese President Xi Jinping.

Important Takeaways from BRICS-
  • BRIC was established in 2006.
  • The BRIC, comprising, Brazil, Russia, India and China formally came into existence in 2006 and its first Summit was held in 2009.
  • South Africa was admitted in 2011 and it became BRICS.
  • The first BRIC Summit was held in Yekaterinburg, Russia.

Representatives of the Summit from the Five Countries are as follows-
  1. Brazil- Michel Temer (President)
  2. Russia- Vladimir Putin (President)
  3. India- Narendra Modi (Prime Minister)
  4. China- Xi Jinping (President)
  5. South Africa- Jacob Zuma (President)
Source- The Economic Times


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