BRICS Foreign Ministers’ Meeting in Cape Town
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.
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.
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).
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