16 November 2019 The Hindu Editorials Update lqcg% 8 cts # Mahendra's YouTube Channel

Five-in-one BRICS countries need greater connectivity and more inter-grouping trade to get ahead With storm clouds gathering over the world economy, trading arrangements in disarray and questions over the relevance of the World Trade Organization (WTO), the summit of leaders of ---- (BRICS) could not have come at a more opportune time. . The 11th BRICS Summit took place from 13th-14th November 2019 in Brasilia, Brazil. The theme of the 2019 BRICS summit is "Economic Growth for an Innovative Future.” . BRICS countries adopted the Brasilia Declaration. . It advocates and supports multilateralism, the central role of the U.N. in international affairs and respect for international law. . Intra-BRICS trade accounts for just 15% of world trade, it needs to be increased. India invited business leaders of the member nations for investment, particularly in infrastructure development. . India proposed to hold the Ist meeting of BRICS Water Ministers in India. . India highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy. . BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. . In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. . South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. . It comprises 42% of the world's population, has 23% of the global GDP and around 17% of the world trade. . India - Brazil . India invited the President of Brazil as the Chief Guest at the Republic Day 2020. Brazil has decided to grant visa-free travel to Indian citizens.

ARTICLE OF THE DAY / 16 NOVEMBER 2019

For example, Uber partnered with Ayushman Bharat to facilitate free healthcare Five-in-one for drivers and delivery partners.ban poor. BRICS countries need greater connectivity and more inter-grouping trade to get ahead With storm clouds gathering over the world economy, trading arrangements in disarray and questions over the relevance of the World Trade Organization (WTO), the summit of leaders of Brazil-Russia-India-China-South Africa (BRICS) could not have come at a more opportune time. BRICS has proved its naysayers wrong since the idea of grouping the world’s “five emerging economies” was coined by a consultant two decades ago (BRICS was formed in 2006). India and China have buoyed the grouping with their growth, and even though the idea behind BRICS has been dimmed by sluggish growth in Brazil and South Africa, and Russia’s sanction-laden slowdown, the group has adapted to the times and proven its resilience. As a result, even at a time when the five countries are heading in different directions politically, they found ways to build a common vision for the world’s economic future with an emphasis on multilateralism and a joint statement at Brasilia that decried “unilateral and protectionist” actions. For India, in particular, the articulation of this vision comes at an important time, given that it faces its own economic crisis, and troubled trading ties with several nations. The failure of officials to resolve issues in time to join the Regional Comprehensive Economic Partnership (RCEP) had raised questions about whether India is reversing its market liberalisation and openness to trade. It is significant that Mr. Modi and Chinese President used the BRICS platform for continued talks on bringing India back into the RCEP fold and focused on resolving their trade issues through the recently launched mechanism led by Finance Ministers. The 11th BRICS Summit took place from 13th-14th November 2019 in Brasilia, Brazil. The theme of the 2019 BRICS summit is "Economic Growth for an Innovative Future.” BRICS countries adopted the Brasilia Declaration. Brasilia Declaration It advocates and supports multilateralism, the central role of the U.N. in international affairs and respect for international law. India’s Stand at the Summit Intra-BRICS trade accounts for just 15% of world trade, it needs to be increased. India invited business leaders of the member nations for investment, particularly in infrastructure development. India proposed to hold the first meeting of BRICS Water Ministers in India. India highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy. BRICS BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalised during the first meeting of BRIC Foreign Ministers in 2006. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. It comprises 42% of the world's population, has 23% of the global GDP and around 17% of the world trade. India - Brazil India invited the President of Brazil as the Chief Guest at the Republic Day 2020. Brazil has decided to grant visa-free travel to Indian citizens.

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