BRICS PPT.pptx

BRICS DESCRIPTION

1. BRICS:

2. INTRODUCTION: BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy by 2050. South Africa was added to the list in 2010. The notion behind the coinage was that the nations' economies would come to collectively dominate global growth by 2050. The BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors. Brazil, Russia, India, China, and South Africa ranked among the world's fastest-growing emerging market economies for years, thanks to low labor costs, favorable demographics and abundant natural resources at a time of a global commodities boom. The party had largely ended by 2015, when Goldman closed its BRICS-focused investment fund.

3. HISTORICAL EVOLUTION OF BRICS: The first phase (2001–2007) “BRIC” (then without South Africa) stood for little more than an investment category invented by Goldman Sachs. The second phase (2008–2014) With the inclusion of South Africa, the world witnessed the emergence of the BRICS as a political platform, a largely informal nature. The third phase (2015----) It began the transition to a, marked by a process of institutionalization and the launch of the BRICS’ New Development Bank.

4. COMMON INTERESTS OF BRICS NATIONS: Desire to reform the outdated financial and economic architecture of the world which ignores the growing weight of BRICS/EMDC . Common commitment to principles and norms of international law, rejection of policies of armed pressure and infringement upon sovereignty of other nations . Common challenges and problems related to the needs of modernization of economy and social life . Mutual complementarity of a wide range of sectors of national Economies .

5. BRICS FORMATS OF INTERACTION: 1.Summits 2.Meetings of Foreign Ministers 3.Meetings of High Representatives responsible for national security affairs 4.Meetings of Ministers of Finance and Central Bankers 5. Meetings of Trade Ministers 6.Meetings of Ministers of Health 7.Meetings of Ministers of Agriculture

6. 8.Meetings of Ministers of Science, Technology and Innovation 9.Meetings of Heads of Statistical Agencies 10.Meetings of Heads of Competition Authorities 11.Meeting of representatives of financial/fiscal authorities 12.Working Group on cooperation in agriculture 13.Working Group on cooperation on health affairs ACCOMPANIYNG EVENTS : 14.Business Council 15.Council of think tanks 16.Business Forum 17.Forum of Banks of Development 18.Forum of Partner Regions 19.Forum on Youth Policies 20.Urbanization Forum

7. BRICS GDP: An IMF forecast (January 2012) predicted that the  five BRICS countries will contribute 56 of the  worlds GDP growth in 2012. Comparatively, the  contributions of the G-7 to global economic  growth will be approximately 9, and   Latin  America as a whole is expected to  contribute 9.5.  From 2003 to 2007, the growth of BRIC countries  represented 65 of the worlds GDP expansion.  In PPP (Purchasing Power Parity), BRICs GDP is  already greater than that of the USA or the EU  (Country GDP (PPP) Million for 2011  World  78,897,426 European Union 15,821,264 BRICS  20,990,530  United States 15,094,025  China  11,299,967  India 4,457,784  Japan 4,440,376   Germany 3,100,080  Russia 2,383,402  Brazil  2,294,243 Source International Monetary Fund).

8. INDIA – RUSIA AGREEMENT:

9. Agreement between the Government of the Republic of India and the Government of the Russian Federation on Technology Protection due to Cooperation in the Field of Research and Use of Outer Space for Peaceful Purposes and building and operation of Launch Vehicles and Ground-based Space Infrastructure. India and Russia signed 28 agreements at the 21st edition of their annual summit. Prime Minister Narendra Modi said the initiatives under the Special and Privileged Strategic Partnership will widen the scope of cooperation to new areas.