Maoming said this in a statement that detailed the essence and benefiting outcomes of the meeting Chinese President, H.E. The New Development Bank (NDB) created by the BRICS countries has worked successfully. Last year BRICS even outperformed G7 on this indicator. The leaders of the BRICS countries exchanged views on BRICS cooperation and other major international issues of mutual interest, reaching broad consensus and positive outcomes. On November 13–14, 2019, Brasilia hosted the 11th BRICS Summit. Russia will promote the activities of the BRICS Network University, expand contacts between academic and scientific centres, research institutions and universities in the five member countries. A small positive, if that, is that it gives India one more mechanism, occasion and opportunity to hold dialogue with China. He, however, remains a self-proclaimed fan of US president Donald Trump — something that won't have gone unnoticed in Beijing or Moscow. BRICS is an idea whose time has come and gone; for India, the only benefit is an alternative platform for China outreach The BRICS Summit returned to Brazil after five years — as per the rotational nature of venues among the five member States — this week (13 and 14 November) Preamble. Being one of the pillars of the emerging fairer polycentric world order, BRICS plays an important stabilizing role in global affairs. We, the Leaders of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of China and the Republic of South Africa met on 14 November 2019 in Brasília, Brazil, at the Eleventh BRICS Summit, which was held under the theme “BRICS: economic growth for an innovative future”. Is Vision 2050 a case of the blind leading the rest of us? Compounding matters is the unclear nature of the group as it exists. Sign up for a weekly curated briefing of the most important strategic affairs stories from across the world. The second he called the opposition to protectionism, where parties reiterated they will uphold the WTO-centered multilateral trading regime and maintain a fair, just and non-discriminatory business environment and call on all WTO members to refrain from taking unilateral and protectionist measures. The focus on futuristic subjects will surely lead to deeper cooperation that will benefit the people of our respective nations. Prime Minister Narendra Modi was in attendance and so too were presidents Xi Jinping, Vladimir Putin, Jair Bolsonaro and Cyril Ramaphosa, with their respective contingents in tow. From being four economies to watch out for back in 2001, they (along with South Africa) are all in the middle of some sort of economic doldrums. In fact, they tend to often make matters worse for each other. The group accounts for almost a third of the global GDP at purchasing power parity. While there have been agreements and Memorandum of Understanding (MoUs) signed on a whole variety of topics since the grouping came to be, the NDB was arguably the most significant development. November 15, 2019 17:55:40 IST. Russia will work to enhance existing BRICS organisations and financial mechanisms, continue to work to create a BRICS bond fund in our national currencies and come up with new initiatives to expand cooperation between the fiscal, customs and antimonopoly authorities of the BRICS states. Only this year, the NDB Board of Directors has approved 12 new investment projects in the BRICS countries. Being one of the pillars of the emerging fairer polycentric world order, BRICS plays an important stabilizing role in global affairs. As per the joint statement, dubbed the 'Brasilia Declaration', signed by the five leaders, discussions were held on a whole host of themes including, but not limited to, climate change, security, trade, technological innovation, counter-terrorism, investment and culture. pic.twitter.com/nyLXRCX7J3, — Narendra Modi (@narendramodi) November 14, 2019. Brasilía Declaration. US-led West-imposed sanctions on Russia and Washington and Beijing's trade war have pushed the world's second and third largest military powers closer together. In 2016, it was noted that successive declarations by the BRICS nations tended to echo the same throwaway lines on terrorism, but do little about assuaging one another's real concerns. 1. The real problem isn't the bank per se; it's the grouping responsible for birthing it that is. A counterpoint to this point, however, is that India and China already have several points of contact bilaterally and multilaterally (at the UN, Shanghai Cooperation Organisation, G20, East Asia Summit and so on), and that one extra platform isn't going to make a whole lot of difference. Technical Feedback: whatsapp 08023469027 South Africa is the only country with no discernible beef with any of the other BRICS members. The latest instance of this came in the form of Xi's remarks at the summit that "Protectionist and bullying counter-currents bring shocks to international trade, adding to downward pressure on the world economy". Last year BRICS even outperformed G7 on this indicator. “During this summit, parties undertake to demonstrate BRICS countries’ sense of responsibility, take a lead in championing and practicing multilateralism, uphold the UN-centered international system, increase the representation and say of emerging markets and developing countries in global governance, and be pacesetters in reforming global governance system and making the international order more equitable and reasonable”, Maoming stated. But, when the time... By Dele Sobowale NOTE: A different article was planned for today. Story tip-offs: editors@thepatriot.co.bw, SHARE   |   Tuesday, 19 November 2019   |   By Ricardo Kanono, © 2020 The Patriot on Sunday    | Inspired by, On November 13–14, 2019, Brasilia hosted the 11th BRICS Summit. Meeting of heads of state and government of BRICS member countries. Get technology news, gadgets reviews & ratings. 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