China to host 14th BRICS Summit in Beijing on June 23

Tags: International News

Chinese President Xi Jinping will host the 14th BRICS Summit in Beijing on June 23.

• The Summit will be held in virtual format under the theme of "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development".

• President Xi Jinping will host the High-level Dialogue on Global Development in Beijing on June 24.

• Under the "BRICS Plus" format, the leaders of emerging countries invited to the upcoming summit are also expected to participate.

• China introduced the "BRICS Plus" format last year by inviting some countries from different regions at the Xiaomi summit.

• 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).

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