Brasilia Declaration by BRICS
Posted on : 17 Dec 2019Views: 191
- The 11th BRICS Summit took place in Brasilia, Brazil. The theme of the 2019 BRICS summit is "Economic Growth for an Innovative Future.”
- BRICS countries adopted the Brasilia Declaration.
- It advocates and supports multilateralism, the central role of the U.N. in international affairs and respect for international law.
- Reforming Multilateral Systems: There is an urgent need to strengthen and reform the United Nations and other multilateral organizations, including the World Trade Organization (WTO) and the International Monetary Fund (IMF), to address the significant challenges being faced by the developing countries.
- Support to Multilateralism: The trade war between China and the U.S. and rising protectionism is hurting the global economy. Multilateralism is crucial for emerging countries to protect their own interests.
- Russia proposed BRICS Energy Research Platform
- The creation of New Crypto currency for Unified Payment System was discussed
- Intra-BRICS trade accounts for just 15% of world trade, it needs to be increased. India invited business leaders of the member nations for investment, particularly in infrastructure development.
- India proposed to hold the first meeting of BRICS Water Ministers in India.
- India highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy.
Article Related Questions
Brasilia Declaration that was adopted in Brazil recently is associated with
The 1857 Uprising was the culmination of the recurrent big and small local rebellions that occured in the preceding hundred years of British Rule. Elucidate (Answer in 150 words) - 2019 Mains
Right Ans : BRICS