Zealand, Philippines, Singapore, Thailand, Vietnam To achieve modern high- quality and mutually beneficial agreement that covers trade in goods, trade in service, investments, technical cooperation dispute settlement and other issues EAS (East Asia Summit) ASEAN nations + strategic partners including US, China, India, Japan To promote peace and stability GCC Gulf Cooperation Council Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, India To achieve unity based on their common objectives and their similar political and cultural identities BBIN Bangladesh, Bhutan, India, Nepal For energy development SCO (Shanghai cooperation organization) India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan For security-related concerns, resolving border issues, intelligence sharing and countering terrorism - - . . AM - - . .
AM India’s International Relations Objectives of BRICS To achieve regional development It acts as a bridge between developed and developing countries To contribute extensively to development of humanity To establish a more equitable and fair world Boost intra BRICS trade in their local currencies to increase trade cooperation and cope with the current international financial crisis To promote the technological information exchange among the member states To enhance inclusive economic growth that will lead to an increase in the creation of jobs, fight against poverty and accelerate the economic transformation of members. The Financial Architecture of BRICS The New Development Bank (NDB) is a multilateral development bank. Its primary focus is lending for infrastructure projects. It aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable.
It gives priority to projects aimed at developing renewable energy sources. The Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures, which includes currency issues. BRICS Payment System At the , BRICS Summit, ministers from the BRICS nations initiated consultations for a payment system that would be an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. E W N S Not to Scale The acronym BRICS was coined by Jim O’Neill, a famous British economist.
He predicted that by year Brazil, Russia, India and China would