BRICS Current Affairs

2017 BRICS Labour and Employment Ministers’ meeting held in Chongqing

BRICS countries-Brazil, Russia, India, China, South Africa have agreed to work together to ensure stable employment and better quality of life for their people.

Decision in this regard was taken at the 2017 Labour and Employment Ministers’ meeting held in Chongqing, China. The meeting comes ahead of 2017 BRICS Summit to be held in Xiamen, China in September 2017.

Key Highlights of meeting

Labour and Employment Ministers from BRICS counters discussed topics ranging from skills-driven development to a universally sustainable social security system. They passed BRICS Labour and Employment Ministerial Declaration. It covers a variety of areas that are of critical importance to all BRICS countries including India and called upon strengthening collaboration and cooperation on these through appropriate institutionalisation.

These areas covered under the declaration consist of Governance in the Future of Work, Universal and sustainable social security systems, Skills for development in BRICS, BRICS Social Security Cooperation Framework, BRICS Network of Labour Research Institutions and BRICS entrepreneurship research.

They also presented four documents, including one on common ground in labour market governance and an action plan on skills-driven poverty alleviation. They also held that they should work together to boost employment and inclusive growth, enhancing the skills of professionals to alleviate poverty.


BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The BRICS members are all developing or newly industrialised countries and all five are G-20 members. They are distinguished by their large, fast-growing economies and significant influence on regional and global affairs.

It was established in 2009. The BRIC idea was first conceived by Jim O’Neill of Goldman Sachs. In 2011, South Africa joined this informal group and BRIC became BRICS. So far, eight BRICS summits have taken place. The first formal summit was held in Yekaterinburg, Russia in 2009.


Cabinet approves MOC in respect of tax matters between India and BRICS countries

The Union Cabinet has approved signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the BRICS countries namely, Brazil, Russia, China and South Africa

Decision in this regard was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.

Key Facts

The MoC aims to promote cooperation amongst BRICS Revenue administrations on common areas of interest in tax matters and capacity building and knowledge sharing. It envisages regular interaction amongst the heads of Revenue administration of BRICS countries to continue discussion on common areas of interest.

It also strive towards convergence of views and meeting of the experts on tax matters to discuss the contemporary issues in areas of international tax. MoC will also accord confidentiality and protection to information exchanged under it.

The MoC will stimulate effective cooperation in tax matters. Moreover, the collective stand of BRICS countries can prove to be beneficial not only to member countries but also to other developing countries in long run in tax matters steered by the G20.


The Heads of Revenue of BRICS countries have been meeting regularly to discuss potential areas of cooperation in tax matters. They are also exchanging their opinions and views based on existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation in tax matters. It was also affirmed in the 2016 Goa Declaration of BRICS.

The BRICS countries also had identified four areas of mutual interest on which understanding and cooperation can be further strengthened. The heads of Revenue of BRICS countries in their meeting held on sidelines of FTA plenary at Beijing, China in May, 2016 also had decided to sign MoC outlining areas of cooperation in tax matters.