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The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at Fortaleza, Brazil on 15 July 2014. It entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015. The objective of this reserve is to provide protection against global liquidity pressures.
BRICS had the intention of improving their global power and providing adequate development for their state. [57] 5th: 26–27 March 2013 South Africa: Jacob Zuma: Durban : The fifth summit discusses the New Development Bank proposition and Contingent Reserve Agreement. BRICS also announced the Business Council and its Think Tank Council. [57] 6th
In a separate agreement, a reserve currency pool worth $100 billion was set up by BRICS members. [7] The president, Development Bank of BRICS Countries, Shri K.V. Kamath calls on the prime minister, Shri Narendra Modi, in New Delhi on May 28, 2015. On 11 May 2015, K. V. Kamath was appointed as the president of the bank. [8]
BRICS stands for Brazil, Russia, India, China and South Africa, who are the original members of the intergovernmental organization that first aimed to highlight international investment strategies.
The 2024 BRICS summit was the sixteenth annual BRICS summit, held in Kazan, Russia. It was the first BRICS summit to include Egypt , Ethiopia , Iran , and the United Arab Emirates as members, following their accession to the organization at the 15th BRICS summit .
The BRICS bloc of developing nations agreed on Thursday to admit Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates in a move aimed at accelerating its push to reshuffle a ...
A report on the event by state news agency Xinhua made no mention of Xi’s absence – or the fact that his speech was delivered by Wang, the commerce minister.
The 2017 BRICS summit was the ninth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. [2]