BRICS Summit Begins Today, Buzz Over Possible PM Modi-Xi Jinping Meet
The 15th BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa, begins today in Johannesburg, South Africa. The summit will focus on expanding the group's membership and cooperation, as well as addressing global issues such as trade, security, and development.
One of the most anticipated events of the summit is the possible meeting between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping, who have not met face-to-face since the border standoff between their countries in 2022. The two leaders are expected to discuss ways to ease tensions and restore trust, as well as explore opportunities for cooperation on regional and global matters.
The BRICS group was created in 2006 to represent the interests and aspirations of emerging economies in the world. Together, the BRICS countries account for 26% of the global economy and 40% of the world's population. However, they also face challenges such as inequality, poverty, climate change, and terrorism. The group aims to reform international financial institutions such as the IMF and the World Bank, to create a more balanced and inclusive global order.
In 2014, the BRICS countries established the New Development Bank (NDB), with funds of $250 billion, to lend money to developing countries for infrastructure and sustainable development projects. The NDB has also attracted non-BRICS countries such as Egypt and the United Arab Emirates as members. Some BRICS leaders have also proposed creating a common currency for the group, to challenge the dominance of the US dollar in international trade and finance. However, this idea is not on the agenda for the current summit.
The BRICS summit is also an opportunity for South Africa to showcase its role as a regional leader and a bridge between Africa and the rest of the world. South African President Cyril Ramaphosa has invited leaders from over 40 countries to attend the summit, including 53 other African countries, Bangladesh, Bolivia, Indonesia and Iran. Ramaphosa hopes to promote trade, investment, and cooperation between Africa and the BRICS countries, as well as address common challenges such as health, education, and peace.
The BRICS summit will conclude on August 24 with a joint declaration that will outline the group's vision and priorities for the future. The summit is expected to demonstrate the group's unity and strength, as well as its willingness to engage with other partners for mutual benefit and global stability.
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FAQ's
Where is the Brics summit 2023?
15th BRICS summit
2023 BRICS summit 15th BRICS summit
Cities Johannesburg
Participants Brazil Russia India China South Africa Invited bodies: African Union
Chair Cyril Ramaphosa
Website www.brics2023.gov.za
What is the Brics meeting?
The trade block formerly known as BRICS — Brazil, Russia, India, China and South Africa — will meet this week with the expansion and the impact of the war in Ukraine high on the agenda. ARI SHAPIRO, HOST: How many countries would want to belong to a club that has Russia as a member?
When did Brics formed?
After a series of high level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009. BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers' meeting in New York in September 2010.
Which countries want to join BRICS 2023?
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.
