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What is the BRICS Summit? The BRICS Summit is an annual meeting of the leaders of the five BRICS countries, held to discuss and address global issues, strengthen cooperation, and promote economic growth and development. The summit is a key platform for the leaders to engage in dialogue, share experiences, and forge partnerships to address common challenges and opportunities.
The main objectives of the BRICS summits are:
Economic Cooperation: The BRICS summits aim to improve economic conditions within the BRICS countries and increase their influence in the global economy. They discuss ways to strengthen trade, investment, and financial cooperation among the member states.
Political Coordination: The summits provide a platform for the BRICS countries to coordinate their positions on global political and security issues, and to present a united front on matters of international importance.
Reform of Global Governance: BRICS countries have been pushing for reforms in global institutions like the United Nations, International Monetary Fund, and World Bank to give more voice and representation to emerging economies.
New Development Bank: One of the key outcomes of the BRICS summits was the establishment of the New Development Bank in 2015, which aims to finance infrastructure and development projects in BRICS and other emerging economies.
Geopolitical Influence: The BRICS grouping is seen as a counterweight to the dominance of developed Western economies, and the summits allow the member states to increase their geopolitical influence on the global stage.
Social and Cultural Exchanges: The BRICS summits also aim to promote interpersonal relationships and mutual respect for one another’s cultures, as well as boost social and cultural cooperation among the member states.
Technology and Innovation: The BRICS countries seek to strengthen international collaboration in the fields of science, technology and innovation to promote knowledge exchange, capacity building and technological advancements among member nations.
Sustainable Development: The BRICS summits focus on promoting environmentally friendly and sustainable development methods while working together to achieve sustainable development goals.
Peace and Security: The BRICS countries aim to promote peace, stability and security locally and internationally while addressing shared security issues and risks, such as terrorism.
South-South Cooperation: The BRICS summits also aim to strengthen cooperation and collaboration among developing countries, share best practices, and support initiatives that contribute to the overall development of the Global South.
Fifteen BRICS Summits have taken place so far. The 16th BRICS Summit will be hosted by Russia during its Chairmanship in 2024.
A detailed list of the previous BRICS summits:
“The earlier Summits were held as under:
15th BRICS summit- 22-24 August 2023 (Johannesburg)
14th BRICS Summit – 23-24 June 2022 (Beijing)
13th BRICS Summit – 9 September 2021 (New Delhi)
12th BRICS Summit – 17 November 2020 (Moscow)
11th BRICS Summit – 13-14 November 2019 (Brasilia)
10th BRICS Summit – 25-27 July 2018 (Johannesburg)
9th BRICS Summit – 4-5 September 2017 (Xiamen)
8th BRICS Summit – 15-16 October 2016 (Goa)
7th BRICS Summit – 8-9 July 2015 in Russia (Ufa)
6th BRICS Summit -14–16 July 2014 in Brazil (Fortaleza)
5th BRICS Summit- 26–27 March 2013 in South Africa (Durban)
4th BRICS Summit – 29 March 2012 in India (New Delhi)
3rd BRICS Summit- 14 April 2011 in China (Sanya)
2nd BRIC Summit- 16 April 2010 in Brazil (Brasilia)
1st BRIC Summit – 16 June 2009 in Russia (Yekaterinburg)”
Therefore, the total number of BRICS summits held so far is 15, with the 16th summit scheduled for 2024.
The BRICS summits are annual international gatherings bringing together the leaders of Brazil, Russia, India, China, and South Africa. Since its inception, the group has grown to include Egypt, Ethiopia, Iran, and the United Arab Emirates, though leader-level summits currently only involve the original five members.
Role of the BRICS Summit:
The BRICS Summit plays a crucial role in several ways:
- Global Governance: The BRICS Summit provides a platform for the leaders to discuss global governance issues, such as the reform of the United Nations, the Bretton Woods institutions (IMF and World Bank), and the World Trade Organization.
- Economic Cooperation: The summit fosters economic cooperation among the BRICS countries, promoting trade, investment, and economic development. The leaders discuss ways to enhance economic ties, including trade agreements, infrastructure development, and financial cooperation.
- Regional and Global Issues: The summit addresses regional and global issues, such as climate change, terrorism, cybersecurity, and pandemics. The leaders share their experiences and best practices in addressing these challenges.
- South-South Cooperation: The BRICS Summit promotes South-South cooperation, emphasizing the importance of cooperation among developing countries to address global challenges and promote sustainable development.
- Institutional Framework: The summit provides an institutional framework for the BRICS countries to collaborate on specific issues, such as education, healthcare, and science and technology.
Importance of the BRICS Summit:
The BRICS Summit is important for several reasons:
- Global Economic Power Shift: The BRICS countries are increasingly becoming major players in the global economy, and the summit provides a platform for them to shape global economic policies and institutions.
- Alternative to Western-dominated Institutions: The BRICS Summit offers an alternative to Western-dominated institutions, providing a platform for developing countries to have a greater say in global governance.
- Regional Cooperation: The summit promotes regional cooperation among the BRICS countries, fostering economic integration and cooperation in areas such as trade, infrastructure, and finance.
- Global Governance Reforms: The BRICS Summit provides an opportunity for the leaders to discuss and promote reforms to the global governance architecture, including the United Nations and international financial institutions.
- Global Influence: The BRICS Summit demonstrates the growing influence of the BRICS countries on the global stage, showcasing their ability to cooperate and address global challenges.
Function of the BRICS Summit:
The BRICS Summit has several functions:
- Leaders’ Dialogue: The summit provides a platform for the leaders to engage in dialogue, share experiences, and forge partnerships.
- Decision-Making: The summit facilitates decision-making on key issues, such as economic cooperation, trade agreements, and infrastructure development.
- Cooperation Agreements: The summit leads to the signing of cooperation agreements and memoranda of understanding among the BRICS countries.
- Global Governance Reforms: The summit promotes reforms to the global governance architecture, including the United Nations and international financial institutions.
- Global Influence: The BRICS Summit demonstrates the growing influence of the BRICS countries on the global stage, showcasing their ability to cooperate and address global challenges.
BRICS Summit is a crucial platform for the leaders of the BRICS countries to discuss global issues, strengthen cooperation, and promote economic growth and development. The summit plays a vital role in shaping global economic policies, promoting regional cooperation, and promoting global governance reforms.
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