Consider the following statements about BRICS Summits :
- The first BRICS Summit was held in Brazil
- BRICS Summits were held in New Delhi on three occasions
Which of the statements given above is/are correct ?
- AOption (a)
1 only
- BOption (b)
2 only
- COption (c)
Both 1 and 2
- DOption (d)
Neither 1 nor 2
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Correct answer
Neither 1 nor 2
Why this answer is correct
The correct answer is Neither 1 nor 2.
Key Points
- Statement 1: The first BRICS Summit was held in Brazil.
This statement is incorrect. The first BRICS Summit was held in Yekaterinburg, Russia, on June 16, 2009. Initially, it was a meeting of the BRIC countries (Brazil, Russia, India, and China), and South Africa joined the group in 2010, making it BRICS.
- Statement 2: BRICS Summits were held in New Delhi on three occasions.
This statement is also incorrect. BRICS Summits have been held in New Delhi only twice, in 2012 (4th Summit) and 2016 (8th Summit). Thus, the claim of three occasions is factually incorrect.
Additional Information
- BRICS Overview:
- BRICS stands for Brazil, Russia, India, China, and South Africa.
- The grouping aims to promote economic growth, sustainable development, and multilateral cooperation among its members.
- South Africa joined the group in 2010, transforming BRIC into BRICS.
- BRICS Summits Timeline:
- 2009: The 1st BRICS Summit was held in Yekaterinburg, Russia.
- 2012: The 4th BRICS Summit was held in New Delhi, India.
- 2016: The 8th BRICS Summit was held in Goa, India.
- India has hosted BRICS Summits twice, not three times.
- Key Objectives of BRICS:
- To reform global financial institutions like the International Monetary Fund (IMF) and the World Bank.
- To enhance cooperation in areas like trade, health, environment, and technology.
- To address challenges such as climate change, terrorism, and global economic instability.
- New Development Bank (NDB):
- The BRICS countries established the NDB in 2014.
- The NDB aims to provide funding for infrastructure and sustainable development projects in BRICS and other developing nations.
Important Points
- Significance of BRICS:
- The BRICS countries together account for about 41% of the global population, covering a large part of the world's emerging economies.
- They contribute approximately 24% of the global GDP.
- BRICS Summits serve as a platform for member countries to collaborate on regional and global issues.
- BRICS Chairmanship:
- The chairmanship of BRICS rotates annually among its members in accordance with the principle of alphabetical order.
- India chaired the BRICS Summit most recently in 2021.