Emerging Economy leaders meet at 11th BRICS summit in Brazil
World’s five biggest emerging economies summit, 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.” The theme this year was strengthening economic growth.
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Brasilia declared that there is an urgent need to strengthen and reform the United Nations and other multilateral organisations, including the World Trade Organisation (WTO) and the International Monetary Fund (IMF), to address the significant challenges being faced by the developing countries. It advocates and supports multilateralism, the central role of the U.N. in international affairs and respect for international law. The trade war between China and the U.S. and rising protectionism is hurting the global economy. Multilateralism is crucial for emerging countries to protect their own interests.
India proposed to hold the first meeting of BRICS Water Ministers in India. 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 highlighted the menace of terrorism which has resulted in the loss of $1 trillion to the world economy.
In this great occasion 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. The Chinese President invited the Indian Prime Minister for the 3rd informal summit in China in 2020. The first informal summit took place at Wuhan (China-2018) and second at Mamallapuram (India-2019). Both the leaders reviewed preparations for celebrating the 70th anniversary of the establishment of diplomatic relations between the two countries in 2020. The 1st Bilateral Regional Forum at the level of Russian Provinces and the Indian States will be held in 2020. India has been invited for investment in the Arctic region. The US $ 25 billion target of bilateral trade by 2025 has already been achieved.