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the the the the the of for of of i in n a PARIPEX - INDIAN JOURNAL OF RESEARCH Volume-7 | Issue-2 | February-2018 | PRINT ISSN No - 2250-1991 China 30,482.9 6.41 306,294 6.09 South Africa 3,051.2 0.64 31,977 0.64 Total BRICS 70,594.2 14.84 Percent 5,96,267 14.18 Percent In G-7 U.S 82,994.2 17.46 831,407 16.52 Japan 30,820.5 6.48 309,670 6.15 France 20,155.5 4.24 203,016 4.03 Italy 15,070.0 3.17 152,165 3.02 Germany 26,632.4 3.60 267,809 5.32 Canada 11,023.9 2.32 111,704 2.22 U.K 20,155.1 4.24 203,016 4.03 Total G-7 2,06,851.2 44.05 Percent 20,78,787 41.29 Percent Source: IMF database of 2017. There are many reforms are still pending, and the BRICS urging There are some challenges that BRICS as cooperation need to international institution for reform is as follows; firstly, the BRICS address very soon. Since the cooperation as a group self-professed economies knows that this quota and voting allocation need to be coordination platform, explaining the necessary things to be revised; secondly, that the SDRs should be transformed into addressed. Even the question of India and Brazil aspiring to have a sovereign currency apart from the “dollar”. The 14th General permanent members group of United Nations Security Council Quota Review implemented on 26th January, 2016. As a result, the (UNSC) to make it possible the support from Russia and China is quotas of each of the IMFs members increased to a combined US$ required. There are other issues, such as between India and China 677 billion from US$ 339 They are arguing to include some more the territory issue which turned into a conflict on the Doklam7 issue currencies into the baskets of SDR now the Yuan (CNY) in included later on resolved by mutual peaceful talk. Among the BRICS Russia, in to the basket of Special Drawing Rights (SDR)s Since the first India, and Chain are the highest greenhouse gases emitters. October 2016. Yuan become the first emerging market currency According to the report8 they are the top five emitters in the world and included in SDR. And the combined quotas contribute of the (NDB Report 2016)9 bank has financed for the installation of solar IMF has doubled to about US$659 billion from US$329 billion. and wind power units for the BRICS countries. It is in such area that it gives sustainable development in BRICS Economies. Indian The global economic governance architecture that is more capital city New Delhi has been reporting as one of the highest effective and reflective of present global economic landscape, polluted cities in the Asia and population explosion of India 1.3 increasing the voice and representation of emerging markets and billion populations second next to china. The china's interest in developing economies expecting the outcome of the IMFs 15th hydroelectric projects will bring more advantage but General Review of Quotas, including a new quota formula, by the simultaneously water resources will produce methane it will 2019. However the BRICS Contingency Reserve Arrangements further contribute for green gases. Brazilian amazon famous forest (CRA) is a milestone of BRICS financial cooperation and is shrinking by growing cities the poverty of South Africa is still an development, by contributing to global financial stability, In unanswered question. BRICS economies, share some of domestic addition to this the CRA System of Exchange in Macroeconomic and socio economic challenges that must be addressed to Information (SEMI), to promote closer cooperation between the accomplish major goals as a group, viz. inequality poverty IMF and the CRA. unemployment of human resources that present in the group and the concerned area is improvement in health care, education, and BRICS Cooperation human rights. In the Eight BRICS summit of GOA India urged the all nation to 10 work together to expedite the adoption of the comprehensive (Lin Yueqin 2010) pointed out that the BRICS have problems of convention on international Terrorism (CCIT) in the UN general Imperfect market mechanism and incomplete competition. For Assembly to prevent the terrorist actions from their territories. This instance, china and Russia have not fully accomplished system was the major outcome from BRICS in the Goa summit of 2016. transition. In china the government interferes too much and there And in the recent Xiamen summit of Chain no of areas covered for is serious nationalized monopoly. India and Brazil have no mature mutual cooperation's is as follows. market mechanism.

Article 9, of Xiamen summit welcomed the setting up of the BRICS Conclusion E-Port Network that will operate on a voluntary basis and the Year on year, The BRICS cooperation is growing with annual establishment of BRICS E-commerce working group and the summit which has been taking place since the its inception from China's initiative to host an international 'Import Expo' in 2018 2009, in each one of the county and addressing the global issues and encourage the business communities BRICS countries. Article from social security to financial security, and also initiating new 11, efforts to implement and improve international standard on trade, and financial network among the BRICS for mutual benefit combating Money Laundering and the financing of Terrorism. in the field of economic and trade aspects. This can be possible Article 12, agreed to continue to work on a cooperation platform only minimizing the disputed between the countries viz., for innovation and entrepreneurship and to support the unresolved India and china's border issue, and India and Brazil implementation of the BRICS innovation cooperation action plan seeking for the UNSC post etc., 2017-2020. Article 14; reaffirm commitment to fully implement ______the 2030 for sustainable development. Article 27 the Saint 1. Neill J. O. (2001). “Building Better Global Economic BRICS”. Global Economics paper Gs Global Economic Website, Goldman Sachs. pp. 1-15. Petersburg and Udaipur declarations of BRICS Ministers for 2. Cox Michale (2012) “Power Shifts, Economic Change and the Decline of the disaster management, aimed at building a safer future by reducing West”, International Relations,Vol. 26, No. 4, pp.369. existing and unforeseen risk including information on best 3. Danns D. E. (2015). “Challinging the Dominance of the World Bnak and IMF; “The Role of the BRICS Countries and their Development Bank in Latin American and the practices in the field of early warning system and forecasting. Carribean. Journal of Business and Economic Policy, Vol. 2, No.3, pp. 126. Article 31 the establishment of NDB Africa Regional center 4. First BRICS Summit (2009) Declaration. launched in South Africa, first regional office of the bank. 5. BRICS Leader Xiamen Declaration (2017) Declaration. 6. Third BRIC summit declaration report (2011), Sanya, China. 7. Bhutan's Valley to the east and India's Sikkim State to the West. It has been The major challenges for BRICS depicted as part of Bhutan in the Bhutanese maps since 1961. After the cold war the international relations debates largely 8. BRICS Joint Statistical Publication (2017). 9. Report (2016). changed the international affairs. However the credible 10. Yueqin, L. (2010). “The Rise of Emerging Powers and the BRICS' Chase to Catch relationships and the strengthening of grouping cooperation like UP”, China Economist, Vol.5, No.2. pp.11. BRICS clearly highlight the inter-country dynamics. Growing economic independence i.e., trade and investment and improved References: financial relations through cooperation such as BRICS would most 1. Cox M. (2012). “Powers Shifts, Economic Change and the Decline of th West”. International Relations, Vol.26, No. 4, pp. 369-388. certainly open up several avenues to align the interests and 2. Danns D. E. (2015). “Challinging the Dominance of the World Bnak and IMF; “The opportunities. Role of the BRICS Countries and their Development Bank in Latin American and the 28 www.worldwidejournals.com PARIPEX - INDIAN JOURNAL OF RESEARCH Volume-7 | Issue-2 | February-2018 | PRINT ISSN No - 2250-1991 Carribean. Journal of Business and Economic Policy, Vol. No.3, pp. 126. 3. Gheorghe S. L. (2015).“Characteristic of the Emerging Market Economies: BRICS from the Perspective of Stock Exchange Markets”. The Annals of the University of Oradea, Vol. 39, pp. 40. 4. Neill J. O. (2001). “Building Better Global Economic BRICS”. Global Economics paper Gs Global Economic Website, Goldman Sachs. pp. 1-15. 5. Neill J. O. (2003). “Dreaming With BRICS; The path to 2050”. Global Economics paper Gs Global Economic Website,Goldman Sachs, pp. 1-24. 6. Yueqin, L. (2010). “The Rise of Emerging Powers and the BRICS’ Chase to Catch UP”, China Economist, Vol.5, No.2. pp.11. 7. 1st BRICS Summit, (2009). Declaration. Yakterinburg, Russia. 8. 3rd BRIC summit, (2011). Declaration. Sanya, China. 9. 8th BRICS summit, (2016). Declaration Goa, India. 10. 9th BRICS summit, (2017). Declaration. Xiamen China. 11. BRICS Joint Statistical Publication Report (JSP), (2017). 12. New Development Bank Report, (2016). Shanghai, China.

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