Brics Summit 2020 ||  ब्रिक्स समिट 2020
Channel: study news
Date: 2020-11-18

BRICS was discussed in the year 2001 by Goldman Sachs economist Jim O'Neill in a report on growth prospects for the economies of Brazil, Russia, India and China.
In 2006, four countries began a regular informal diplomatic coordination with the annual meetings of foreign ministers at the end of the general debate of the United Nations General Assembly.
This successful conversation led to the decision that it should be organized as an annual summit at the level of heads of country and government.
The first BRIC summit was held in Yekaterinburg, Russia in the year 2009 and discussed issues like improvement in global financial system.
The objective of BRICS is to advance cooperation on a wider scale between the group as well as individual countries for more sustainable, equitable and mutually beneficial development.
The economic situation and development of each member is taken into consideration by BRICS so that relations are made on the basis of the economic strength of the country concerned and competition is avoided as far as possible.
BRICS is emerging as a new and promising political-diplomatic entity with different financial objectives that goes beyond the original objective of reforming global financial institutions.