The BRICS Contact Group on Economic And Trade Issues (CGETI):
The BRICS Contact Group on Economic and Trade Issues (CGETI) leads held their first meeting under India’s Chairship from 9-11 March 2021.
- The theme of BRICS this year is -“BRICS@15: Intra BRICS Cooperation for Continuity, Consolidation, and Consensus”.
- India, under its Chairship in 2021, presented the calendar of events for BRICS CGETI 2021.
- The deliverables proposed are on (i) BRICS Cooperation on Multilateral Trading system including cooperation for the TRIPS Waiver proposal at WTO; (ii) Framework for Consumer Protection in E-Commerce; (iii) Non-Tariff Measures (NTM) Resolution Mechanism; (iv) Sanitary and Phyto-Sanitary (SPS) etc.
- BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa.
- Originally the first four were grouped as “BRIC” (or “the BRICs”) before the induction of South Africa in 2010.
- The term “BRIC” is believed to be coined by Goldman Sachs.