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BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. South Africa entered in 2010.
- 9th BRICS summit was recently held in Xiamen City, China from 3rd to 5th September and it ended with the adoption of Xiamen declaration.
- Theme: “BRICS: Stronger Partnership for a Brighter Future”
- This Summit was important as it was the first time when PM Modi and his Chinese counterpart Xi Jinping met after the Doklam Standoff.
- This declaration comes at a time when there are tensions related to Indo-China relations, Russia’s tilt towards China & the divide created after New Afghanistan Policy of the U.S.
- Leaders agreed to “intensify dialogue and experience sharing for fighting corruption in BRICS countries”.
- International cooperation to fight corruption will be strengthened
- Expressing its concerns on the security situation in the region comprising BRICS countries and violence caused by the Taliban, ISIL/DAISH, Al-Qaida and its affiliates, including Pakistan based groups Lashkar-e-Taiba and Jaish-e-Mohammad, TTP (Tehreek-e-Taliban Pakistan) and Hizb ut- Tahrir, the grouping condemned terrorism in all its forms.
- It emphasized the need to adopt a comprehensive approach to combating terrorism, which should include countering radicalization, recruitment, movement of terrorists and blocking sources of financing terrorism.
- Memorandum of understanding was signed between the BRICS Business Council and the New Development Bank on strategic cooperation.
- BRICS Business Council will suggest projects that need support from the New Development Bank.
Economic trade & Cooperation
- The group agreed to facilitate market inter-linkages as well as infrastructure and financial integration to achieve interconnected development.
- They decided to say no to Protectionism.
Strategic Framework – Customs
- The group promoted cooperation in mutual sharing of information, mutual recognition of customs control, and mutual assistance in enforcement to boost growth and promote people’s welfare.
Action Plan For Innovation Cooperation (2017-2020)
- The group agreed to enhance joint BRICS research, development and innovation in ICT, including the Internet of Things, Cloud computing, Big Data, Data Analytics, Nanotechnology, Artificial Intelligence and 5G and their innovative applications to elevate the level of ICT infrastructure and connectivity in the BRICS countries
- Coordination Center of BRICS Agriculture Research Platform will be established in India.
- It is a virtual network, which will address the issues of food security and nutrition, adaptation of agriculture to climate change, agricultural technology cooperation and innovation, agricultural trade and investment, and ICT application in agriculture to contribute to stable global agricultural growth and achievement of Sustainable Development Goals.
- The group supported the reform of the UN, including its Security Council, with a view to increasing the representation of the developing countries so that it can adequately respond to global challenges.
- China and Russia reiterated the importance of Brazil, India and South Africa in international affairs and supported their aspiration to play a greater role in the UN.
Credit Rating Agency
- India urged for setting up of a BRICS credit rating agency to counter western rating institutions
- A separate rating agency would help the economies of the member countries as well as other developing nations.
Clean Energy for All
- BRICS Summit agreed to adopt environment-friendly energy resources and technologies.
- Need for Joint research on energy cooperation and energy efficiency and establish BRICS Energy Research Cooperation Platform.
Download Official PDF of Xiamen Declaration