Important moves of BRICS – 2017, Xiamen, China.

TNPSC Current Affairs - September 2017 by TNPSC Guru.

The 9^th annual summit of BRICS kicked off on Sunday at Xiamen , China in new  BRICS plus format with non BRICS leaders of Egypt, Mexico, Thailand, Guinea and Tajikistan along with BRICS leaders.

First time it has named two Pakistan-based terrorist groups, Lashkar-e-Taiba and Jaish-e-Mohammad as global terror groups.

Also BRICS leaders signed four important documents during Summit to deepen commercial ties among the BRICS countries. 

• Action Agenda on Economic and Trade Cooperation
• Action Plan for Innovation Cooperation(2017-2020)
• Strategic Framework of BRICS Customs Cooperation
• MoU between the BRICS Business Council and the New Development Bank on Strategic Cooperation

About BRICS: 

• BRICS is an international association of five major emerging economies namely B-Brazil, R-Russia, I-India, C-China, S-South Africa.
• It comprise of world’s 43% of population, 30% of World GDP and 17 % share in world trade.
• Early it was known as BRIC , in 2010 South Africa was included and then known as BRICS.
• The objective of BRICS was Economic co-operation and development without dependence on West .
• The Name BRIC was coined by an economist of Goldman Sachs, Jim O’ Neil.
• The first summit was held at Yekaterinburg, Russia (2009), 2^nd summit at Bazil (2010), 3^rd summit at Sanya, China (2011), 4^th summit at New Delhi, India (2012), 5^th summit at Durban, South Africa (2013), 6^th Summit at Fortaleza, Brazil (2014), 7^th Summit at Ufa, Russia (2015), 8^th Summit at Goa, India (2016) and 9^th Summit at Xiamen , China (2017)