BRICS MINISTERS MEETING

• Recently, India’s Minister for Science & Technology chaired the 9th BRICS Science & Technology Ministers meeting.
• Earlier, the Prime Minister chaired the annual summit of the BRICS which was held virtually.
• 2021 is an important landmark year in BRICS Cooperation as the grouping completed 15 years.

Important points:

• Global Innovation Index: The member countries should work towards a rightful place for BRICS (Brazil, Russia, India, China, and South Africa) in the Global Innovation Index.
• It can be achieved through further strengthening the cooperation in the field of Science, Technology and Innovation (STI).
• BRICS Ranking in Global Innovation Index, 2021: India (46), China (12), Russia (45), Brazil (57) and South Africa (61).
• Cooperation: BRICS countries must come together and innovate cost effective, affordable, accessible, sustainable and scalable scientific solutions, as they face many similar and unique challenges.
• BRICS Innovation Cooperation Action Plan (2021-24) BRICS member countries have agreed to a Science, Technology and Innovation (STI)-led BRICS Innovation Cooperation Action Plan (2021-24) proposed by India during the 12th meeting of the grouping’s science & technology steering committee.
• It will facilitate sharing of experiences of each other’s innovation ecosystem and networking of innovators and entrepreneurs.

BRICS

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
• In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
• The grouping was formalised during the first meeting of BRIC Foreign Ministers in 2006.
• South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
• It comprises 42% of the world’s population, has 23% of the global Gross Domestic Product (GDP) and around 17% of the world trade.
• The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
• The BRICS Leaders’ Summit is convened annually.
• During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB) They also signed the BRICS Contingent Reserve Arrangement.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT