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BRICS Summit 2016: India is all set to host the 8th BRICS Summit on the October 15-16 GOA

BRICS Summit 2016: BRICS is the from for the five countries of Brazil, Russia, India, China and South Africa. Originally, Only Four Countries Are Formed As “BRIC” After 2011 include South Africa, which was Formed “BRICS”.

While the initial stages of the BRICS countries coming together did not yield much, the pace of developments has significantly picked up in recent years.

Here’s a look at what has happened at the previous BRICS summits, and what you could expect from this year’s summit.

What to expect this year BRICS Summit 2016:

BRICS Summit 2016

The government of India has laid out a five point agenda for the 2016 BRICS Summit. Those five points are

1.Institution building

2. Implementation

3.Integrating

4. Innovation

5.Continuity.

Based on the agenda, the proposals and discussions from the 2015 Summit should be of high priority at the 2016 BRICS Summit, with the hammering out details and fleshing out the proposals into concrete resolutions being the goal.

The path that the landmark achievement of the BRICS summits, the New Development Bank, should proceed also fits with the agenda of institution building, implementation and integration of BRICS ideas.

Over the past year, in the run-up to the summit, there have been numerous meetings and workshops related, but not limited, to these proposals and discussions. As the countries move ahead on the path of institutionalising the BRICS as an organization, these proposals should be at the forefront of the 2016 BRICS Summit.

The further strengthening of the New Development Bank would also be a priority of the 8th BRICS Summit hence, as work begins on the initial approved projects. Of further interest will be to see if there is any cooperation or partnership announced with China’s Asian Infrastructure Investment Bank, which has a much wider international scope, stretching even to Europe.

What is BRICS And How Is It Formed

The term BRIC was first used in 2001, by Jim O’Neill, then chairman of Goldman Sachs. O’Neill would, in a paper, argue the importance of the original BRIC countries for the future, based on the emergence of and potential for growth that those economies showed.

Brazil, Russia, India and China would formalist BRIC as an international association, starting with formal meetings between the foreign ministers of the countries in 2006. The next milestone would be in 2009, with the 1st BRIC summit taking place in Yekaterinburg, Russia.

South Africa would later be admitted into the group in 2010, with their first appearance at the summits in China’s 2011 Summit.

History of the BRICS summits

BRICS Summit 2016

The first BRICS Summit in 2009 was held in the backdrop of the financial crisis affecting the world at that point. That was the main talking point of the first summit, along with a note of discontent in existing international financial institutions for not focusing enough on developing countries also being expressed.

The following two summits would share this common theme of discontent, as the 2010 Summit in Brazil would see an open expression of reforming the existing Bretton Woods system of international finance.

The BRICS countries would nevertheless show their support for the G20 countries in playing a prominent role in steering the economic leadership of the world. Another common developments in these initial summits were the plans of increased interactions between the various ministries, statistical institutions and development banks of the BRICS nations, as the BRICS countries sought further common goals to strive towards.

Intelligence inputs have suggested that Pakistan-sponsored terrorists plan to carry out a massive operation in Goa between October 12-October 14, ahead of the 8th BRICS summit in the state.

BRICS Summit 2016 Importance:

Heads of 11 states, including Chinese President Xi Jinping and Russian President Vladimir Putin, will be attending the BRICS and BIMSTEC Summit scheduled to take place on October 15- October 16 in Goa.

These specially trained Explosive Detection Dogs, are scarred veterans of Mission Kabul, secure the BRICS summit at Goa.

Sources refused to divulge the number of dogs or the number of ITBP troops that have been rushed to the tourist paradise.

Shaktikanta Das, the economic affairs secretary said the BRICS summit in Goa in October will discuss a proposal to set up a rating agency for the five-member bloc on the lines of US-based rating agencies.

The other important aspect will be Prime Minister Narendra Modi’s bilateral meetings with various world leaders on the sidelines of the G20 summit.

from all these statements we can conclude this Goa BRICS summit 2016 Mainly Focus on Startup Companies.

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