BRICS Business Forum 2022

BRICS Business Forum 2022- Relevance for UPSC Exam

• BRICS Business Forum 2022: It is being organized under the BRICS grouping to promote trade and business among the member countries. BRICS is an Important forum from India’s diplomacy point of view. BRICS Business Forum will come under GS Paper 2 (International Relations- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests) of the UPSC CSE Syllabus.

BRICS Business Forum 2022 in News

• While addressing the BRICS Business Forum 2022, PRIME MINISTER Narendra Modi proposed that the BRICS Business Forum may develop a platform for regular exchanges between start-ups in BRICS countries.
• He also called for a dialogue on “innovation-led economic recovery”.

Key Points about BRICS Business Forum 2022

• About: The BRICS Business Forum meeting was held ahead of the 14th summit of BRICS nations – Brazil, Russia, India, China and South Africa.
• BRICS Business Forum 2022 Chair: China is chairing the BRICS Business Forum 2022.
• Location: BRICS Business Forum 2022 is being held in Beijing via video link.

8th BRICS Environment Ministers Meeting

BRICS Business Forum

• About: The BRICS Business Council was established during the Fifth BRICS Summit held on 26th – 27th March 2013 in Durban, South Africa.
• Key Objectives: BRICS Business Forum have following key objectives-
  • Promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries;
  • Ensure that there is regular dialogue between the business communities of the BRICS nations and the Governments of the BRICS countries; and
  • Identify problems and bottlenecks to ensure greater economic, trade and investment ties amongst the BRICS countries and recommend solutions accordingly.

BRICS Business Council Working Groups

• Working Groups: under the aegis of the BRICS Business Council, nine working groups have been formed. They are in the areas of-
  • Infrastructure,
  • Manufacturing,
  • Financial Services,
  • Energy & Green Economy,
  • Skills Development,
  • Agribusiness,
  • Deregulation,
  • Regional Aviation and
  • Digital Economy
• The main objectives of these Working Groups are to-
  • Facilitate interaction amongst businesses with a view to better understand the market opportunities and build synergies based on their respective competitive strengths and
  • Promote industrial development and job creation.

About BRICS Grouping 

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
• Background: In 2001, Goldman Sachs’ Jim O’Neill authored a paper called “Building Better Global Economic BRICs”, pointing out that future GDP growth in the world would come from China, India, Russia, and Brazil.
  • Though the paper did not recommend any formal grouping, it said that BRIC economies combined would outstrip the western dominated world order before 2039.
• BRICS Formation: In 2006, leaders of the BRIC countries met on the margins of a G-8 (now called G-7) summit in St. Petersburg, Russia, and BRIC was formalized that year.
  • Shortly afterward, in September 2006, the group was formalized as BRIC during the 1st BRIC Foreign Ministers’ Meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City.
  • First formal summit: took place in 2009 in the Russian Federation and focused on issues such as reform of the global financial architecture.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • South Africa subsequently attended the Third BRICS Summit in Sanya, China, in 2011.
• BRICS Headquarters: BRICS doesn’t have any headquarter rather all the countries of BRICS have offices dedicated to BRICS in their own nation.
• BRICS Structure: BRICS does not exist in the form of organization, but it is an annual summit between the supreme leaders of five nations.
• BRICS Presidency: The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • India had the BRICS Presidency from January 2021.
  • Currently, China has the BRICS Presidency.

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