multilateral cooperation 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.

19th IORA ministerial meet held at Abu Dhabi, UAE

The 19th Indian Ocean Rim Association COM (Council of Ministers) meeting was held in Abu Dhabi, UAE on November 7, 2019. Minsters from 22 countries attended the meeting.

The meeting was chaired by UAE. The Chairmanship passes from Republic of South Africa that held the chair between the period 2017-19. For the period of 2019-2021, UAE will hold the chairmanship assisted by Bangladesh.

Highlights

  • The meeting was preceded by 21st Committee of Senior Officials (CSO). The CSO is being held twice a year.
  • Theme: Promoting a shared destiny and path to prosperity in Indian ocean
  • The meeting focused on growth, sustained development and economic cooperation in the IORA region

Significance

  • The IORA is a broad platform that connects the world’s most dynamic regions of south, west and south east Asia, Africa and Oceania through seas.
  • India is the largest contributor to IORA Special Fund. Recently India contributed 1 million USD to the fund. India also shares expertise to strengthen the association
  • India hosted the first Indian Ocea Dialogue in 2015. It was held at Kochi and the Kochi Consensus was released. It focused on maritime security challenges, information sharing, cooperation in disaster relief and economic cooperation.