BRICS meet likely in June

Tags: Summits

India has agreed to attend a virtual summit of leaders of the Brazil-Russia-India-China-South Africa grouping, likely to be held in China at the end of June.

• The summit is likely to be held on June 23-24.

• India hosted last year's BRICS summit which was held virtually, and was attended by leaders of five countries.

• This is the first summit hosted by China since the tensions broke out at the Line of Actual Control (LAC) due to the PLA’s transgressions in April 2020.

• Chinese Foreign Minister Wang Yi's visit to Delhi last month was seen as the beginning of a gradual normalisation of relations between the two countries.

• About BRICS

–BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

–Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050, four BRIC economies would dominate the global economy.

–South Africa was added to the list in 2010.

–BRICS represents 41% of the global population, 24% of the global GDP and 16% of the global trade.

–The chairmanship of the forum is rotated annually among the members.

–India presided over it in 2021.