BRICS Current Affairs - 2020
On December 11, 2019, the Union Cabinet chaired by PM Modi gave its approval for signing Agreement on Social Security between India and Brazil. The Social Security Agreement is being signed by India with several other countries in order to protect the interests of the professionals and skilled workers living abroad
Highlights of the agreement
There are around 4.700 Indians living in Brazil and 1,000 Brazilians living in India. The agreement would promote inclusiveness and equity for the Indians living in Brazil and vice versa.
The agreement also allows export of social security benefits of the Indian workers after they relocate from Brazil.
The idea of signing social security agreements conceived in the BRICS Labor and Employment Minsters meet that was held in June 2016 in New Delhi. It was also insisted at the 8th BRICS summit. It was after this summit India and Brazil began their negotiations and finalized the text of Social Security Agreement.
The agreement helps to avoid double social security contributions made by the workers. It also avails easy remittance of benefits offered by the governments of the respective countries. The agreement also allows the NRIs to aggregate the contribution periods. This will help to avoid loss of benefits.
Tags: Agreements • BRICS • Cabinet • Cabinet Approval • India-Brazil
PM Modi attended the 11th BRICS summit and invited business leaders from BRICS nations to invest in India, especially in infrastructure development.
Highlights of the summit
- The BRICS countries discussed in creating a common crypto currency for mutual payments. The step was being discussed to reduce the share of payments in USD.
- PM Modi proposed the first meeting of BRICS Water Ministers in India.
- India is to host BRICS Digital Health Summit. The Summit will focus on innovative solutions to healthy lifestyle
- India will also host BRICS Youth summit that will focus on hackathon, startups and games
- Also, BRICS workshop on digital forensics is to be held in India
BRICS Business Council
The BRICS Business Council created a road map to achieve 500 billion USD trade target among BRICS nations by next summit. An agreement was signed between New Development Bank and BRICS Business Council to achieve this.
PM Modi met his Russian counterpart Mr Vladimir Putin on the sidelines of the 11th BRICS summit.
- During their meet, the leaders noted their satisfaction that the 25 billion USD trade target between the countries to be achieved by 2025 has already been achieved.
- Also, the leaders discussed about the first bilateral regional forum to dismantle the barriers of trade at regional level.
PM Modi met the President of Brazil Mr Jair MEssias Bolsonaro and invited him to be the Chief Guest at the Republic Day celebrations, 2020.
- After the meet, PM Modi outlines areas of animal husbandry, agriculture, post-harvest technologies and biofuels as areas of potential
- The leaders also discussed about space and defense sectors
PM Modi met the Chinese President Xi Jinping on the sidelines of the 11th BRICS summit.
- The countries have agreed to hold the next round of border talks after the leaders’ meet. The 21st round of border talks were held in 2018 by Security Advisor Ajit Doval and his Chinese counterpart.
- The Chinese President appreciated the 2nd Informal Summit in Chennai. He also invited PM Modi for the 3rd informal summit to be held in China in 2020.
- The leaders reviewed the preparations for celebrating the 70th anniversary of establishment of diplomatic relations between the countries.