BRICS Foreign Ministers’ Meeting in Cape Town

Tags: Summits International News

BRICS countries kicked off its foreign ministers meeting on 1st June in Cape Town, the legislative capital of South Africa.

An overview of the news

• External Affairs Minister S Jaishankar participated in the meeting of foreign ministers of BRICS countries.

• South Africa, which currently holds the chair of the bloc, hosted the BRICS Foreign Ministers' Meeting in Cape Town on 1-2 June.

• The foreign ministers’ meeting will finalise the agenda for the 15th BRICS summit scheduled to be held in South Africa in August. 

• It is believed that 19 countries are in line to join BRICS.

Joint Agreement

• The BRICS foreign ministers agreed BRICS cooperation should be strengthened to promote unity among developing countries. 

• Advance the global governance system reform.

• Accelerate the realization of the 2030 Sustainable Development Goals. 

• Contribute to world peace and development.

About BRICS

• The full form of BRICS is Brazil, Russia, India, China, and South Africa.

• Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001.

• He claimed that by 2050, the four BRIC economies would dominate the global economy by 2050.

• South Africa was included in the list in 2010.

• The presidency of the Forum is rotated annually among the members.

• BRICS accounts for about 40% of the world’s population. 

• It accounts for 30% of the world's GDP (Gross Domestic Product).

• In the year 2014, during the 6th BRICS Summit in Fortaleza, Brazil, the BRICS leaders signed an agreement to establish a New Development Bank (NDB).