International Grouping Current Affairs - 2019

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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.

Union Cabinet gives nod to Tripartite Agreement of IBSA Fund for the Alleviation of Poverty and Hunger

The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of the Tripartite Agreement on the IBSA Fund for the Alleviation of Poverty and Hunger.

The IBSA fund for the Alleviation of Poverty and Hunger was set up in 2004 by three member countries India, Brazil and South Africa for South-South cooperation.

Key facts

  • The IBSA Fund undertakes development projects in third countries and the first project under it will be financed for the support of agriculture and livestock development.
  • Contribution of IBSA countries: Each member country will contribute US$ 1 million annually for the IBSA Fund.
  • Till January 2015 the total amount accumulated in the fund was 28.2 million US dollars. So far, India on its part has contributed total 9.1 million US dollars to the Fund.
  • The total fund used for implemented or approved projects is around 26.2 million US dollars. Remaining 2.09 million US dollars is available for programming.
  • The fund is one of the three pillars of cooperation under the IBSA Dialogue Forum for South-South cooperation. The other two pillars are consultation and coordination on global political issues and trilateral collaboration in concrete areas and projects.

The IBSA Fund was awarded with South-South Partnership Award at the 2006 UN Day in December 2006. The award indicates the importance of the IBSA Fund in the context of South-South developmental cooperation.

Background

The IBSA Dialogue Forum was launched in June 2003. It is an international tripartite grouping  for promoting international cooperation among three vibrant democracies and developing countries of the south viz India, Brazil and South Africa that are recognized for having global relevance and impact.

The forum provides these three countries a common platform to engage in discussions for cooperation in the various fields incuding agriculture, trade, culture, and defence among others.