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Joint Statement On Multilateralism: BRICS

Joint Statement On Multilateralism: BRICS:

The BRICS Foreign Ministers, in a recent meet, put out a joint statement on multilateralism.

  • BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.

Multilateralism:

  • It is the process of organizing relations between groups of three or more states.
  • It generally comprises certain qualitative elements or principles that shape the character of the arrangement or institution.
  • These principles are:
    • Indivisibility of interests among participants.
    • Commitment to diffuse reciprocity, i.e. mutual exchange.
    • System of dispute settlement intended to enforce a particular mode of behaviour.

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.
  • India has assumed the BRICS Presidency from January 2021.

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