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Published : Thursday, 14 September, 2017 10:50 AM
MBA aspirants must be updated with General Awareness on current affairs. General Awareness topics with analytically drawn conclusions will benefit you in XAT, IIFT, NMAT, SNAP ,CMAT, MAT, and later in Post exams screening Tests like WAT, GD & PI , Essay writing.
Read Current Affairs Topic: Output of BRICS Summit at Xiamen for India
BRICS is a conglomeration of the fastest developing major economies of the world and its members are Brazil, Russia, India, China and South Africa. The first summit of BRICS was organized at Yekaterinburg in Russia in 2009 and it initial objective was to strive for a multipolar world. The BRICS accounts for 42.58% of the world population and 22.53% of the global GDP and 26.46% of the world area.
Since its inception, nine annual BRICS Summit have been organized latest being at Xiamen in China from September 3-5, 2017.
The motto of 9th BRICS Summit was ‘BRICS: Stronger Partnership for a Brighter Future’. The important points of Xiamen Declaration are as under:
BRICS Practical Economic Cooperation
Global Economic Governance
International Peace And Security
People To People Exchanges
IMPLICATION FOR INDIA
Apart for the bilateral irritants, most of the challenges faced by the developing countries are similar. Since the BRICS members are the emerging and fastest growing major economies, they face similar economic challenges and active cooperation will help in resolving most domestic as well as regional issues amicably. Thus the commitments made under BRICS Practical Economic Cooperation and Global Economic Governance addressed all the major concerns faced by EMDCs including India.
Deepening cooperation in the field of energy, agriculture, ICT and capital markets will help in strengthening these sectors in the respective countries. The productivity enhancement in agriculture is a must for India if the government wants to fulfil its commitment to double the farmers’ income by 2022. Also, the enhanced agriculture income means increasing the income of 50% of the labour force. Similarly the cooperation in energy and capital market is instrumental for growth of secondary and tertiary sectors of the economy.
However, the most important outcome for India was seen by majority of media in the inclusion of Pakistan based terror outfits like Lashkar e Toiba and Jaish-e-Mohammad whose founders freely roam in Pakistan and openly issue threats against India. The Doklam impasse between India and China was another major issue which was peacefully resolved just ahead of the summit. These two incidents were seen as major diplomatic win for India. However, after the summit, to placate Pakistan, China recalled the so called sacrifices made by Pakistan to fight terrorism.
Compared to other international organizations, BRICS is relatively a new body but the enthusiasm and efforts by the member nations have helped in deepening its roots. Cooperation in multinational organizations also helps in resolving the bilateral issues as seen in the case of Doklam.
At the multilateral forums like WTO, IMF, G-20 and World Bank, BRICS can give a voice to the concerns of developing countries. The voting power of BRICS at World Bank is 13.24% while at IMF, their cumulative quota share is 14.91%. Thus, BRICS has the potential to become the representative of the EMDCs at various international forums.
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