China hosted its second BRICS Summit between 3-5 September 2017, in Xiamen, in Fujian province. The first meet in China was held in 2011. This year’s meet was held post a tumult in the relationship between two most crucial members of the grouping India and China, following a border impasse between the two, which was temporarily resolved right before the meet.
The theme this year was titled “Stronger Partnership for a Brighter Future.” An approach to expand the group membership, termed as BRICS plus has been put forward inviting leaders from Egypt, Guinea, Mexico, Tajikistan, and Thailand.
Highlights of the meet:
- Xiamen Declaration:
- Green Development has been important in the agenda of the meet with all nations resolving to use fossil fuels more judiciously, adopting nuclear, gas and hydropower on an enlarged scale, with a resolve to switch to a low carbon footprint economy. This was perceived to be crucial in the sustainable development and poverty alleviation.
- The group collectively deplored worldwide terrorism in all its forms and all parties who provide any support to it. Pakistan based terrorist groups like Lashkar-e-Taiba, Jaish-e-Mohammad and Haqqani network along with ISIL/Daish, Taliban, Al-Qaida and its offshoots have been for the very first time, named and condemned by the association. In the past China has time and again come in the way of India’s efforts to include JeM leader Masood Azhar as a designated terrorist. China also hampered India’s efforts to include Pakistan based terrorist groups, in the BRICS meet held in Goa, last year. A broad and extensive approach to combat terrorism has been agreed to by BRICS nations. The changed stance of China is seen as a victory for Indian diplomacy.
- Resolutions to initiate the process of financial market integration through setting up bond markets in local currencies is a crucial step forward for the association. Other resolutions passed are related to agriculture, research and development and information technology.
- our Documents on economic and trade cooperation were signed:
- Action Agenda on economic and trade cooperation.
- Action Plan for Innovation Cooperation 2017-2020.
- MoU between BRICS Business Council and New Development Bank on strategic cooperation
- Strategic framework of BRICS custom cooperation.
Facts Related to BRICS
- It is an association of 5 emerging market economies- Brazil, China, India, China, South Africa which comprise 40% of world population. All these countries have a strong regional presence and international influence.
- It was formed in 2009 as BRIC; South Africa formally joined in 2011. Its first summit was held in Yekaterinburg, Russia, 2009
- 45% increase in world growth is attributed to BRICS nations, mostly because of the fast pace of Indian and Chinese growth.