The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, "The World Needs Better Economic BRICs" on the basis of econometric analyses projecting that the four economies would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so. The grouping was formalized with the first meeting of BRIC Foreign Ministers on the margins of UNGA in New York in September 2006.
2. A decision to expand BRIC into BRICS with the inclusion of South Africa was taken at BRIC Foreign Ministers’ meeting in New York on 21st September 2010. Accordingly, China, as the host of 3rd BRICS Summit, invited South African President with the concurrence of other BRIC leaders to attend the Summit in Sanya on 14 April 2011.
3. BRICS brings together five major emerging economies, comprising approximately 40% of the world’s human resource and about 20% of the world GDP. Six BRICS Summits have been taken place so far; the last one was held in Fortaleza, Brazil on 15-16 July 2014. Seventh summit is scheduled to be held in Ufa (Russia) on 8-9 July 2015.
BRICS Chairmanship
4. Russia is the current Chair of BRICS. India will assume the Chairmanship of BRICS from Russia on 1 February 2016 and will host the 8th Summit.
Some Key Areas of Cooperation
Agriculture
5. BRICS cooperation in agriculture started with a Ministerial meeting hosted by Russia in Moscow on 26 March 2009. At the second Ministerial meeting in Chengdu, China on 28 October – 1 November 2011, a Working Group on Agriculture was set up to deepen cooperation in this area. India hosted the 2nd meeting of the Working Group on 27-28 August 2012 in New Delhi. Areas of cooperation include creation of basic agriculture information exchange system of BRICS countries; reduction of negative impact of climatic change on food security and adaptation of agriculture to climate change etc. The last Meeting of BRICS Agriculture Ministers was held in Brasilia, Brazil from 11 to 13 March 2015.
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Trade
6. BRICS Trade Ministers meet on the margins of other multilateral meetings as well as on standalone basis prior to Summits. The last standalone meeting of BRICS Trade Ministers was held in Fortaleza on 14 July 2014 before the 6th Summit. The Ministers reviewed the global economic developments and their impact on Trade and Investment. The meeting further focused on the concerted efforts to establish guidelines for coordinated approach to Economic Cooperation among BRICS countries. A Joint Communiqué was also issued by the Trade Ministers. A meeting of BRICS Trade Ministers is expected just prior to the Ufa Summit.
Health
7. The first meeting of BRICS Health Ministers was held in July 2011 in Beijing to explore areas of cooperation in the health sector. India hosted the third meeting of Health Ministers on 10-11 January 2013. Fourth BRICS Health Ministerial meeting was held in December 2-5, 2014 in Brasilia, Brazil. The Ministers approved the development of cooperation plan that includes a common approach to (i) universal access to first line anti-TB medicines for all patients, (ii) scientific research and innovation in treatment, (iii) sharing of technologies (iv) aspire towards 90-90-90 TB targets. The 5th Meeting of BRICS Health Ministers was held on 19 May 2015 in Geneva on the sidelines of the 68th session of the World Health Assembly.
Science & Technology
8. BRICS cooperation in S&T started with an exploratory Senior Officials’ meeting hosted by China in Dalian in September 2011; Indian delegation was led by MoS. The First S&T Ministerial meeting was held at Cape Town in February 2014 in which the text of an MoU on Cooperation in Science, Technology and Innovation was finalized. The main areas of BRICS S&T cooperation include exchange of information on policies and programmes and promotion innovation and technology transfer, food security and sustainable agriculture, climate change and natural disaster preparedness and mitigation, new and renewable energy, energy efficiency, nano- technology, space research and exploration, high performance computing, medicine and bio-technology etc. The second meeting of BRICS S&T Ministers took place on 18 March 2015 in Brasilia. The MoU on cooperation in Science, Technology and Innovation was signed at the meeting. India’s proposal for setting up a BRICS Young Scientists Forum was accepted unanimously.
Education
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9. BRICS cooperation in education was first mentioned in the Delhi Declaration issued at the 4th Summit hosted by India. The first exploratory meeting of BRICS Education Ministers took place on the margins of UNESCO General Conference in Paris in November 2013. The Ministers discussed aspects of BRICS cooperation in education as well as with UNESCO. At the 6th BRICS Summit the Leaders affirmed the strategic importance of education for sustainable development and inclusive growth. The last meeting of BRICS Education Ministers was held on 2-3 March 2015 in Brasilia. Secretary, Higher Education led the Indian delegation to the meeting.
Culture
10. Russia hosted the first meeting of BRICS Culture Ministers in Moscow on 16-17 June 2015 to finalize an Agreement on cultural cooperation to be signed at the 7th Summit in Ufa on 8-9 July 2015. The Agreement will enable the BRICS countries to promote and develop extensive cooperation and exchanges, including in the fields of fine and applied arts, music theatre; folk culture and crafts; cinematography – screening, co-operation etc.; youth festivals of arts; book fairs; exchange of scholars for development of art and culture programmes and protection and management of cultural heritage.
New Development Bank
11. India’s idea of setting up of a New Development Bank, mooted at the 4th BRICS Summit in New Delhi in March 2012 saw finality at the Fortaleza Summit with the agreement that the headquarters of the Bank shall be located in Shanghai; the first President of the Bank from India; the first Chair of Board of Governors from Russia; the first Chair of Board of Directors from Brazil; and the first Regional Centre of the Bank be set up in South Africa concurrently with its headquarters. An Agreement to this effect was signed in Fortaleza on 15 July 2014. Mr. K.V. Kamath, has been nominated by India to be the first President of the Bank, for five years.
Contingent Reserve Arrangement (CRA)
12. The initial idea of a Contingent Reserve Arrangement among the BRICS countries was mooted by Brazil at the meeting of BRICS leaders in Los Cabos, Mexico in June 2012 on the margins of the G20 Summit. At the Durban Summit, the Leaders agreed that “the establishment of the CRA with an initial size of US$ 100 billion is feasible and desirable subject to internal legal frameworks and appropriate safeguards.” The idea was further discussed by the Finance Ministries and Central Banks of the BRICS countries and an Inter-Governmental Treaty to set up the said Arrangement was signed at the 6th Summit in Fortaleza, Brazil in July 2014.
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Competition Authorities
13. The first meeting of BRIC Competition Authorities was held in Kazan, Russia on 1 September 2009. Since then, BRICS Competition Authorities meetings are held biennially. The second meeting was hosted by China in Beijing on 20-22 September 2011. India hosted the 3rd meeting in New Delhi on 20-22 November 2013. The 4th meeting will be hosted by South Africa in 2015.
BRICS Development Banks
14. The first meeting of Development Banks was hosted by Brazil in April 2010. EXIM Bank participates from India in this BRICS process. An MoU laying the foundation of BRICS Inter-Bank Cooperation Mechanism was signed at the Meeting. Following up on the MoU, BRICS Development Banks signed a Framework Agreement on Financial Cooperation within the BRICS Inter-bank Cooperation Mechanism. The Development Banks have signed several enabling agreements which would facilitate growth of trade opportunities and funding support for innovation projects in the BRICS countries.
Business Forum
15. Business Forum has been an integral part of BRICS cooperation since the 2nd Summit in Brasilia in April 2010. It was formalized at the 3rd Summit in Sanya, China in April 2011 through an MoU identifying Focal Points in BRICS countries for coordinating business activities. FICCI coordinates India’s participation in the Business Forum. The last Business Forum meeting was held in Fortaleza, Brazil on 14 July 2014 on the sidelines of the 6th Summit. Recently, Russia hosted a meeting of the BRICS Business Forum in St. Petersburg on 18 June 2015.
Business Council
16. BRICS Business Council was formalized at South African initiative in March 2013 before the 5th Summit hosted by them in Durban. It has five permanent business representatives from each BRICS country. From India, Shri Onkar Kanwar, CMD Apollo Tyres leads the participation. BRICS Business Council met in Fortaleza before the 6th Summit and presented its first report to the Leaders. The next meeting of BRICS Business Council Working Group will be held on 8 July 2015 in Ufa. The Council will present its Annual Report to the Leaders at the Ufa Summit.
Academic Forum (Track-II)
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17. The Track II engagement (BRICS Academic Forum) was the second cooperation mechanism under BRIC after the Foreign Ministers’ meetings. India hosted the first formal meeting of the BRICS Academic Forum in New Delhi in May 2009 in the run- up to the first Summit. The 7th BRICS Academic Forum was held on 22-24 May, 2015 in Moscow. The agenda of the Academic forum covers issues such as global governance reforms, contemporary global and regional political and economic issues. Observer Research Foundation coordinates India's engagement with BRICS Track-II process.
Think Tanks Council
18. South Africa had taken the initiative to launch a more formalized engagement at Track-II level as a Consortium of BRICS Think Tanks in the run-up to the 5th Summit in Durban. The Consortium named as BRICS Think Tank Council was launched on 11 March 2013. The first meeting of the Think Tank Council was held on 11-12 November 2013 in Cape Town, South Africa. The last Meeting of the Council took place in Moscow on 21 May 2015.
Other Areas of Engagement
19. Other areas of engagement include meeting of Mayors of BRICS cities, BRICS Friendship Cities' meeting, Customs etc.
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