Page 11 - Brics

New Delhi G20 summit has changed the nature and scope of global dialogue

The common concern of nations is international fairness and justice, with Bharat playing a bridging role

India should quit the Brics

Arvind Subramanian is a senior fellow at the Peterson Institute for International Economics. Josh Felman is a principal at JH Consulting

Brics enlargement in hope of getting heard

The Brics leaders opposed trade barriers, including those under the pretext of tackling climate change, imposed by certain developed countries and reiterated their commitment to enhancing coordination

Six new members' combined share of Brics GDP to be just 11%: Report

GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five-member BRICS, or Brazil, Russia, India, China and South Africa, will also see the grouping's share in the global GDP rising to 30 per cent from 26 per cent now and that of the population to 46 per cent, according to an analysis by the SBI Research. The expansion decision, effective January 1, 2024, was announced at the recent BRICS summit held in Johannesburg. Currently China contributes 70 per cent of the BRICS' GDP, which will decline to 62 per cent, while India chips in with 13 per cent now that will inch down to 12 per cent. Russia contributes 8 per cent, Brazil is at 7 per cent and South Africa contributes a paltry 2 per cent, giving combined 26 per

Brics+6 to control 30% of global GDP, 46% population: Research paper

The addition of six new members to the BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members -- Brazil, Russia, India, China and South Africa -- decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member. Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP. But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent, Soumya Kanti Ghosh, the Chief Economic Adviser to State Bank of

Forever developing

China's developing country status must be questioned

TMS Ep507: Brics expansion, disaster-prone Shimla, market direction & more

How will the Brics expansion affect India? Is Shimla the next Joshimath? What factors will guide markets this week? What is Brics? All answers here

Brics should prepare for any future pandemics: S African Health Minister

The BRICS nations should cooperate to prepare for any future pandemics, South African Minister of Health Dr Joe Phaahla has said, emphasising that the period of COVID-19 has highlighted weaknesses in health systems. Addressing a seminar titled "Pandemic Preparedness Prevention and Response for Health Security: Closing the Gap in Preparation for Future Pandemics" that was organised by the BRICS Business Council SA Chapter on the sidelines of the 15th Brics Summit hosted this week, Phaahla said that the Covid-19 outbreak has caught the world off-guard in terms of preparedness. The BRICS Business Council SA Chapter and other stakeholders involved have created this platform to discuss pandemic preparedness, prevention, and response for health security. This is borne out of the devastating experience the world went through with the outbreak of COVID-19, said Phaahla during the seminar that was attended by his counterparts from the BRICS partners, representatives of the World Health ...

Why is PM Modi running behind Chinese prez for talks: AIMIM's Owaisi

AIMIM president and Hyderabad MP Asaduddin Owaisi on Friday attacked the BJP saying the ruling party should answer why PM Narendra Modi is "running behind the Chinese president for talks". He said there should be a special session of parliament to discuss, among others, the alleged loss of land on India's border with China. "It was leaked that China wanted to talk. Officially, MEA should have given a statement after the talks of PM Modi and XI Jinping that these talks were held. Chinese Foreign Ministry says that PM wanted to have talks. Later, foreign secretary says something else," he told reporters here. He said he would like to ask the BJP as to why the PM is "running behind Chinese president for talks". "Why is the PM keeping the country in the dark on what is happening on Ladakh border?," Owaisi asked. "What is the reason why the Modi government is putting pressure on our brave military that some solution be accepted," he further asked. Saying that our brave military has be

G20 explained: Details on the global bloc, its history & India's presidency

G20 nations account for about 85% of the global GDP, 75% of global exports and around 60% of the global population

Brics' latest summit shows it's little more than a meaningless acronym

To be sure, the current rebalancing of the West's geopolitical and economic power has been overdue for more than a century, ever since Europe plunged into the first of its continental wars

PM Modi gifts 'surahi' to Ramaphosa, Gond painting to Lula da Silva

Art works and traditional items reflecting Indian heritage were the gifts of Prime Minister Narendra Modi's choice for some of the world leaders at the BRICS summit in Johannesburg. He presented a pair of 'surahi' from Telangana to South African President Cyril Ramaphosa, and Nagaland shawl to his wife and the first lady of the host country, officials said. They noted that the 'bidri vase' is a purely Indian innovation exclusive to Bidar, a Karnataka city. It is cast with an alloy of zinc, copper and other non-ferrous metals. Pretty patterns are engraved on the casting and inlaid with pure silver wire. The casting is then soaked in a solution mixed with special soil of Bidar fort which has special oxidising properties, they noted. This causes the zinc alloy to turn into a lustrous black leaving the silver inlay intact to contrast stunningly with the black background, they added. The gift also carried silver 'nakkashi', whose patterns are first drawn on paper and then transferred on

PM Modi wraps up his South Africa visit for Brics summit; leaves for Greece

Prime Minister Narendra Modi on Thursday concluded a "very productive" visit to South Africa during which he attended the "historic" 15th BRICS Summit and held bilateral meetings with several world leaders to further cement India's relations with those countries. Modi arrived in South Africa on Tuesday for the first in-person BRICS Summit after three consecutive years of virtual meetings because of the Covid-19 pandemic. "PM @narendramodi wraps up a fruitful visit to South Africa that launched a new chapter in the BRICS journey. PM now emplanes for Greece for engagements with an important Mediterranean partner," Spokesperson of the Ministry of External Affairs Arindam Bagchi posted on X. "My visit to South Africa was a very productive one. The BRICS Summit was fruitful and historic as we welcomed new countries to this forum. We will keep working together for global good. My gratitude to President @CyrilRamaphosa, the people and Government of South Africa for their hospitality," Modi

Brics to have 6 new members with 'deep ties' to India, says PM Modi

Inclusion of Argentina, Egypt, Iran, Saudi Arabia, Ethiopia, UAE will make bloc stronger, he says

PM holds bilateral meetings with world leaders on sidelines of Brics summit

Prime Minister Narendra Modi Thursday held a series of bilateral meetings with several world leaders, including presidents of Iran, Senegal and Mozambique, on the margins of the BRICS Summit here and discussed with them issues of mutual interests and ways to expand bilateral cooperation in several areas. Modi held a "productive meeting" with his Ethiopian counterpart Abiy Ahmed Ali on a day when BRICS leaders officially endorsed Ethiopia's entry into the bloc. "Held fruitful talks with PM @AbiyAhmedAli. Congratulated him on Ethiopia joining BRICS. We discussed ways to boost ties in sectors like trade, defence and people to people relations," Modi said in a post on platform X, formerly Twitter. The two leaders discussed ways to deepen the bilateral ties between both the countries, his office said, adding that Prime Minister Modi welcomed Ethiopia as a new member of the BRICS family. Earlier, Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi said the two leaders held a .

Brics nations reject 'double standards', vows to counter terrorism

The BRICS nations on Thursday rejected "double standards" in countering terrorism and vowed to work towards confronting the menace including cross-border movement of terrorists and terror financing networks. A declaration unveiled at the end of the three-day BRICS (Brazil, Russia, India, China, South Africa) summit said the leaders of the grouping called for an expeditious finalisation and adoption of the Comprehensive Convention on International Terrorism within the UN framework. The summit was chaired by South African President Cyril Ramaphosa and attended by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazil's Luiz Inacio Lula da Silva. Russian President Vladimir Putin joined it through video conference. "We are committed to combating terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and terrorism financing networks and safe havens," the declaration said. "We reiterate that terrorism should not be associated with

New Brics in the wall

Amid expansion, India beware Beijing's ambitions

Brics calls for nations to work together on post pandemic economic recovery

BRICS leaders on Thursday urged the international community to support countries working towards post pandemic economic recovery and address the high debt levels in some nations. At the end of the BRICS Summit in South African capital, the grouping released the Johannesburg II Declaration that stressed on G20 -- a larger grouping of world's biggest economies -- playing the role of the premier multilateral forum to seek solutions to global challenges. The leaders stressed on the importance of encouraging the use of local currencies in international trade and financial transactions, and sought strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies. They tasked finance ministers and central bank governors to consider the issue of local currencies, payment instruments and platforms. "We recognise the important role of BRICS countries working together to deal with risks and challenges to the world economy in achievin

Brics: All you need to know about the global partnership and latest updates

The members countries announced the expansion of the grouping by adding six new countries - Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) - into the fold

Brics expansion message to all global institutions to adapt: PM Modi

With the BRICS deciding to admit six countries as its full members, Prime Minister Narendra Modi on Thursday said the "expansion and modernisation" of the grouping is a message that all global institutions need to mould themselves according to the changing times. At a media briefing along with the BRICS leaders in Johannesburg, Modi said inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as the new members will give the grouping new momentum and energy. The decision on expansion of the five-nation grouping was announced by President Cyril Ramaphosa at the end of the three-day BRICS summit in Johannesburg. He said the new member nations will become part of BRICS (Brazil-Russia-India-China-South Africa) with effect from January 1, 2024. In his media statement in presence of Ramaphosa, Chinese President Xi Jinping, Brazil's Luiz Inacio Lula da Silva, Modi said India has always fully supported the expansion of the BRICS membership. "India has bee