The build-up towards the 8th BRICS summit India will be hosting in Goa in October has acquired a momentum, with a series of meetings being planned in the next ten …Read More
Brazil has been in a state of political upheaval since April-May 2016. In fact, political scandals, based on allegations of corruption against politicians and state functionaries, have been building up …Read More
Showcasing the India growth story, India has asked its BRICS (Brazil, Russia, India, China, South Africa) partners to invest in India’s flagship programmes such as ‘Make in India’, ‘Skill India’, …Read More
NEW YORK: In the backdrop of the United Nations General Assembly (UNGA) approving text-based negotiations in reforming the UN Security Council (UNSC), the BRICS countries have stressed on the need …Read More
In what could be a big boost to the use of Renminbi (RMB) internationally, China’s currency is all set to become the first currency that the New Development Bank (NDB) …Read More
The New Development Bank (NDB) that was launched by the BRICS countries at the 7th summit in Ufa to provide the much-needed infrastructure funding to the emerging economies formally …Read More
The theme of the recently concluded BRICS summit at Ufa, Russia, was titled “BRICS Partnership- a Powerful Factor of Global Development”. The focus thus was on strengthening cooperation in areas …Read More
Reinforcing their commitment to remapping the global financial landscape, the leaders of the BRICS group of emerging powers declared operationalized their two signature initiatives the New Development Bank (NDB) and Contingent Reserve Agreement(CRA), saying these institutions will act as a global safety net amid fragile economic recovery. “We welcome the substantive progress that was made since the Fortaleza Summit on 15 July 2014 during the Brazilian BRICS Chairmanship, especially the establishment of BRICS financial institutions: the New Development Bank (NDB) and the Contingent Reserves Arrangement (CRA). The Ufa Summit marks their entry into force,” said the Ufa Declaration. Amid fragile global recovery, the BRICS also formally adopted strategic economic partnership which will upscale trade and investment among emerging economies and positioned them as the future hub of economic growth.
The 7th BRICS summit has imparted a big push to the ongoing project of recasting the global financial system and underscored the centrality of emerging powers in this process.
UFA (Russia): In a veiled critique of the Western powers which would have been cheered by Moscow facing pressure over the Ukraine crisis, India’s Prime Minister Narendra Modi took a …Read More
India’s Prime Minister Narendra Modi unveiled a 10-step formula for buttressing the BRICS grouping of emerging powers. The Indian leader’s proposals encompassed a wide spectrum of areas, ranging from business, …Read More