Global Institutions: BRICS & AIIB | Economy for UPSC 2024 (Pre & Mains) PDF Download

 Page 1


E C O N O M Y
G LO B A L 
I N S T I T U T I O N S
BRICS BANK
AIIB
Page 2


E C O N O M Y
G LO B A L 
I N S T I T U T I O N S
BRICS BANK
AIIB
BRICS
BRICS is an acronym for Brazil, Russia, India, China and South Africa
Originally the first four were grouped as "BRIC" 
South Africa joined in 2010 to make it BRICS
The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim 
O'Neill, in his publication Building Better Global Economic BRICs.
The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New 
York City in September 2006 at the margins of the General Debate of the UN General Assembly
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
Page 3


E C O N O M Y
G LO B A L 
I N S T I T U T I O N S
BRICS BANK
AIIB
BRICS
BRICS is an acronym for Brazil, Russia, India, China and South Africa
Originally the first four were grouped as "BRIC" 
South Africa joined in 2010 to make it BRICS
The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim 
O'Neill, in his publication Building Better Global Economic BRICs.
The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New 
York City in September 2006 at the margins of the General Debate of the UN General Assembly
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
BRICS
All are G 20 members
New Development Bank is an outcome of this platform
As of 2015, the five BRICS countries represent over 3 billion people, or 42% of 
the world population
A challenge for India
China’s plan for a “BRICS-Plus” 
or 
“Friends of BRICS” grouping
with China’s plan to include Pakistan, Sri Lanka and Mexico to an expanded 
version of BRICS
Page 4


E C O N O M Y
G LO B A L 
I N S T I T U T I O N S
BRICS BANK
AIIB
BRICS
BRICS is an acronym for Brazil, Russia, India, China and South Africa
Originally the first four were grouped as "BRIC" 
South Africa joined in 2010 to make it BRICS
The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim 
O'Neill, in his publication Building Better Global Economic BRICs.
The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New 
York City in September 2006 at the margins of the General Debate of the UN General Assembly
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
BRICS
All are G 20 members
New Development Bank is an outcome of this platform
As of 2015, the five BRICS countries represent over 3 billion people, or 42% of 
the world population
A challenge for India
China’s plan for a “BRICS-Plus” 
or 
“Friends of BRICS” grouping
with China’s plan to include Pakistan, Sri Lanka and Mexico to an expanded 
version of BRICS
BRICS – XIAMEN DECLARATION
BRICS 2017 summit – Xiamen
Highlights of the Xiamen declaration
Promote the most effective use of fossil fuels and wider use of gas, hydro and nuclear 
power.
Boost their role in global health governance, especially through the World Health 
Organisation and other such United Nations agencies.
Eradicate poverty; to ensure health, sanitation, skills, food security, gender equality, 
energy, education.
Outer space for peaceful purposes
Page 5


E C O N O M Y
G LO B A L 
I N S T I T U T I O N S
BRICS BANK
AIIB
BRICS
BRICS is an acronym for Brazil, Russia, India, China and South Africa
Originally the first four were grouped as "BRIC" 
South Africa joined in 2010 to make it BRICS
The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim 
O'Neill, in his publication Building Better Global Economic BRICs.
The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New 
York City in September 2006 at the margins of the General Debate of the UN General Assembly
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
BRICS
All are G 20 members
New Development Bank is an outcome of this platform
As of 2015, the five BRICS countries represent over 3 billion people, or 42% of 
the world population
A challenge for India
China’s plan for a “BRICS-Plus” 
or 
“Friends of BRICS” grouping
with China’s plan to include Pakistan, Sri Lanka and Mexico to an expanded 
version of BRICS
BRICS – XIAMEN DECLARATION
BRICS 2017 summit – Xiamen
Highlights of the Xiamen declaration
Promote the most effective use of fossil fuels and wider use of gas, hydro and nuclear 
power.
Boost their role in global health governance, especially through the World Health 
Organisation and other such United Nations agencies.
Eradicate poverty; to ensure health, sanitation, skills, food security, gender equality, 
energy, education.
Outer space for peaceful purposes
BRICS – XIAMEN DECLARATION
Conclude the long-pending IMF quota reforms by 2019 to give more say to developing nations in the multilateral 
lending agency
Listed some groups as sources of violence - These included Pakistan-based groups — Jaish-e-Mohammad (JeM) 
and Lashkar-e-Taiba (LeT) — as terror organisations.
Initiatives for BRICS Plus cooperation
Promote BRICS local currency bond markets 
Establish a BRICS local currency bond fund 
Facilitate financial market integration
Creation of a BRICS rating agency 
Establishment of the BRICS Institute of Future Networks
BRICS Agriculture Research Platform is proposed to be established in India