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.
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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