The BRIC countries are an acronym for Brazil, Russia, India, China and South Africa.
BRICS Finance Ministers Meet Hosted By India
08 April 2021 Current Affairs:India hosted the BRICS Finance Ministers’ Meeting. This is the first meeting of the BRICS countries under the auspices of India in 2021. As the chairman of the BRICS in 2021, India’s goal is to focus on cooperation within the BRICS based on continuity, consolidation and consensus.
♦ The leaders discussed the following during the meeting: Global economic outlook and response to the COVID-19 pandemic, Activities of the New Development Bank, Social infrastructure financing, Use of digital technology, Cooperation on customs-related issues, International Monetary Fund Reform, Financial inclusion, SME Fintech, BRICS Bond Fund, Fast information security channel for BRICS countries
♦ India will host the 2021 BRICS meeting. The 2021 BRICS summit is the thirteenth summit of the organization. Similarly, 2021 is the 15th anniversary of the establishment of the International Group. This is the third time India has hosted the BRICS summit. Previously, India had hosted the BRICS summits in 2012 and 2016.
♦ The BRIC countries are an acronym for Brazil, Russia, India, China and South Africa. The first BRIC summit was held in Russia in 2009. In 2010, South Africa joined the BRIC Group. Before that, the group was called the “BRIC countries.” The association has more than 40% of the world’s population and 25% of GDP. In 2020, the BRICS Development Bank approved US$1 billion in funding. This is a COVID-19 emergency plan loan to support India’s economic recovery.