In News: Under the chairship of India, the First Meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI) was held from 9th March 2021 to 11th March 2021.
- Theme : “[email protected]: Intra BRICS Cooperation for Continuity, Consolidation, and Consensus”.
- India, under its Chairship in 2021, presented the calendar of events for BRICS CGETI 2021.
- The proposed deliverables were:
- Action plan based on the document “Strategy for BRICS Economic Partnership 2025” adopted during the Russian Presidency in 2020
- BRICS Cooperation on Multilateral Trading system including cooperation for the TRIPS Waiver proposal at WTO;
- Framework for Consumer Protection in E-Commerce;
- Non-Tariff Measures (NTM) Resolution Mechanism;
- Sanitary and Phyto-Sanitary (SPS) Working Mechanism;
- Co-operation framework for the protection of Genetic Resources and Traditional Knowledge
- BRICS Framework on Co-operation in Professional Services.
- BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.
- On November 30, 2001, Jim O’Neill, a British economist, coined the term ‘BRIC’ to describe the four emerging economies of Brazil, Russia, India, and China.
- The grouping was formalized during the first meeting of BRIC Foreign Ministers on the margins of the UNGA in New York in September 2006.
- The first BRIC Summit took place in 2009 in the Russian Federation.
- South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.