• National Security Advisor (NSA) attended a virtual BRICS meeting hosted by Chinese NSA, aimed at strengthening “political and security cooperation”.
• BRICS is the group composed of the five major emerging countries – Brazil, Russia, India, China and South Africa.
• It together represents about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
• The acronym BRIC was coined by economist ‘Jim O’Neill’ of Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21^st
• In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government.
• In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.
• The BRICS Leaders’ Summit is convened annually.
• BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
• The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
• BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings.
• 13^th Summit of BRICS took place on 9^th September 2021.
• India was the host of the XIII BRICS Summit.
• It was the third time, India has hosted the summit, the first being in 2012 and the other in 2016.
• The New Development Bank (NDB), one of the multilateral development institutions created by the BRICS has been working successfully and is headquartered in Shanghai, China.

Model Question :

Q. Which among the following bank was created by BRICS Summit?

(a) Asian Development Bank (ADB)

(b) New Development Bank (NDB)

(c) African Development Bank

(d) Asia Infrastructure Investment Bank (AIIB)

Answer : B

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