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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