14th BRICS Summit Flashcards
Theme of the 14th BRICS Summit:
Foster High-quality BRICS Partnership, Usher in a New Era for Global Development
BRICS is an acronym for the grouping of the world’s leading emerging economies, namely :
Brazil, Russia, India, China and South Africa
The acronym “BRICS” was initially formulated in
2001 by economist Jim O’Neill, of Goldman Sachs
Number of members initially
4(B-R-I-C)
The first BRIC Summit took place in
2009 in the Russian Federation
Yekaterinburg, Russia on 16 June 2009
When did BRIC changes to BRICS?
December 2010
South Africa was invited to join BRIC New York ,December 2010
SA attended the Third BRICS Summit in Sanya, China, in March 2011
The main reason for co-operation to start among the BRICs nation was the
financial crises of 2008
New Development Bank is headquartered in
Shanghai
At the ____ the possibility of setting up a New Development Bank was considered to mobilize resources for infrastructure and sustainable development projects in BRICS
Fourth BRICS Summit in New Delhi (2012)
During the ____ the leaders signed the Agreement establishing the New Development Bank (NDB).
Sixth BRICS Summit in Fortaleza (2014)
Which decleration stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development thus contributing to sustainable and balanced growth?
Fortaleza Declaration
14th BRICS summit which was virtually hosted by
China
____ arrangement is aimed at forestalling short-term balance of payments pressures, provide mutual support and strengthen financial stability of the BRICS nations.
Contingent Reserve Arrangement
In 2014, the BRICS had signed a treaty on the setting up CRA
The New Development Bank (NDB) was formed referred to as the
BRICS Development Bank
The NDB became fully operational in
2016
