New Delhi: Prime Minister Narendra Modi has arrived in South Africa this evening on an official visit during which he will attend the 15th BRICS summit and hold bilateral meetings with a number of world leaders.
BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa.
BRICS summit will be held from August 22-24. This will be PM Modi's third visit to South Africa and the trip marks the 30th anniversary of the diplomatic relationship between India and South Africa.
This year's BRICS is under the presidency of South Africa. The theme of this year's summit is: "BRICS and Africa: Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism"
This will be the first in-person BRICS Summit after three consecutive years of virtual meetings owing to the Covid-19 pandemic.
Here are the highlights on BRICS Summit:
Aug 22, 2023 21:51 (IST)
"UPI is being used everywhere in India. Most digital transactions happen in India," said PM Modi.
Aug 22, 2023 21:51 (IST)
We have converted red tape into red carpet, said PM Modi
Aug 22, 2023 18:32 (IST)
Which nations want too join BRICS and why?
Over 40 countries, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining the forum, according to 2023 summit chair South Africa.
They view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment.
Aug 22, 2023 18:09 (IST)
Who are BRICS members?
Brazil, Russia, India and China are the founding members.
South Africa, the smallest member in terms of economic clout and population, was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.
Together the countries account for more than 40% of the world population and a quarter of the global economy.
Apart from geopolitics, the group's focus includes economic cooperation and increasing multilateral trade and development.
The bloc operates by consensus. All the BRICS countries are part of the Group of 20 (G20) of major economies.
Aug 22, 2023 17:55 (IST)
What is BRICS?
The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
Its creation was initiated by Russia.
The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
Aug 22, 2023 17:52 (IST)
PM In South Africa For BRICS Summit, Buzz Over Possible Xi Jinping Meet
Prime Minister Narendra Modi landed in South Africa on Tuesday evening to take part in the BRICS summit that will be held over the next three days. There is still no confirmation on a possible bilateral meet with Chinese President Xi Jinping.
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