BRICS Current Affairs - 2020

PM Modi to attend BRICS

PM Modi is to attend the 11th BRICS summit that is to be conducted in Brazil on November 13, 2019.  He will be accompanied by a large business delegates during the visit. The theme of 2019 BRICS summit is Economic Growth for an Innovative Future

Highlights

  • PM is to attend restricted sessions during the visit. The sessions will focus on opportunities and challenges for the national sovereignty in the world.
  • BRICS Plenary session is to be held where the leaders are to discuss BRICS cooperation for economic development of member nations
  • Meeting of BRICS Business Council is also planned during the summit. During the session the MoUs between the BRICS countries and Investment Promotion agencies are to be signed
  • A joint Declaration will be issued at the end of the summit.

About BRICS

BRICS comprises of 5 major economies namely Brazil, Russia, India, China and South Africa. The member countries of BRICS grouping hold 42% of world’s population, 17% of world trade and 23% of world GDP. In 2018, BRICS commemorated its 10th anniversary in Johannesburg. The two main pillars of BRICS are

  • It helps to consult on issues of mutual interests through meetings
  • Also it helps to promote several sectors like agriculture, education, health, finance, trade, technology and communication.

Indians no longer require Visa to visit Brazil

Indian tourists will be now be exempted from visas to enter Brazil for tourism or business purposes. The exemption is also available for Chinese tourists. Both India and China are part of BRICS, an association of 5 major emerging national economies. Other  three  are Brazil, Russia and South Africa.

Key Highlights

South American nation will drop its requirement that visiting Indian and Chinese tourists or business people must compulsorily obtain visas.

The announcement in this regard was made by Brazilian President Jair Bolsonaro during an official visit to China. He also clarified that there will be no reciprocity in the beginning. This was the first time Brazilian government has expanded that policy to the developing world.

In early 2019 the Brazilian government ended visa requirements for short-term tourists and business people from United States, Canada, Australia and Japan. However, these countries have not in return dropped their visa requirements for Brazilian citizens.