Russia will host the BRICS Summit 2020. The Summit will be held in St Petersburg. Earlier the plan was to host the summit in Chelyabinsk. BRICS is an informal grouping of developing economies namely Brazil, Russia, India, China and South Africa. The aggregate population of BRICS countries makes up 42% of the entire global population, 26% of the world’s geographical area, and a combined nominal GDP of US $16.6 trillion.
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Which Country Will Host BRICS Digital Health Summit?
In the 11th BRICS Summit held in Brazil in 2019, Indian Prime Minister Narendra Modi, announced to host the BRICS Digital Health Summit on innovative solutions to healthy lifestyle which will seek to amalgamate healthcare informatics, diagnostics and digital technology. India had also proposed to have a Memorandum of Understanding (MoU) among BRICS nations, on traditional medicine. Prime Minister, Narendra Modi also proposed to hold the first meeting of BRICS water ministers in India, to work on sustainable water management and clean sanitation, which are glaring challenges in urban areas. India also proposed to hold BRICS film technology symposium in 2020.
What is BRICS and its Purpose?
BRICS is an acronym for the informal grouping of 5 emerging economies, Brazil, Russia, India, China and South Africa. The grouping was formed in 2009, and since then BRICS nations have met annually at formal summits. South Africa was added to the group in 2010. The primary purpose is to enhance economic and political cooperation among BRICS nations.
What is the New Development Bank?
New Development Bank is also referred to as BRICS Development Bank. It is a bank established by BRICS in the year 2014. It is headquartered in Shanghai, China. The first regional office of the bank is located in Johannesburg, South Africa. The first president of the bank is K V Kamath.
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Multiple Choice Question
Consider the following statements
- The financial crisis of 2008 was one of the major reasons behind the formation of BRICS. The dollar-dominated monetary market collapsed after the subprime mortgage crisis and raised questions about its reliability and sustainability.
- In the 2013 BRICS Summit held at South Africa, the BRICS Contingent Reserve Arrangement (CRA) with a total capital of $100 billion was introduced.BRICS Think Tank was set up. This was known as the eThekwini Declaration.
- At the 2015 BRICS summit in Russia, ministers from BRICS nations initiated consultations for a payment system that would be an alternative to the SWIFT system. The Cross-Border Inter-Bank Payments System (CIPS) is a planned alternative payment system to SWIFT which would provide a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized, and reliable environment.
- The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures. This includes currency issues where members’ national currencies are being adversely affected by global financial pressures. The CRA is generally seen as a competitor to the International Monetary Fund (IMF) and along with the New Development Bank is viewed as an example of increasing South-South cooperation. It was established in 2015 by the BRICS countries.
Choose the correct answer from the below-given options
A) All the above statements are true.
B) Only statements 1, 3, and 4 are true.
C) Only statements 2, 3, and 4 are true.
D) None of the above statements are true.