BRICS - Current Affairs Questions and Answers

ANSWER: National

Explanation:
Five banks of the Brics Bank Cooperation Mechanism have agreed to establish credit lines in the national currencies and cooperate on credit ratings.

The agreement was signed ahead of the Brics (Brazil, Russia, India, China and South Africa) summit in China’s Xiamen city on Sept 2, 2017 in which leaders of the five countries, including Prime Minister Narendra Modi are scheduled to take part.

Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) have signed an agreement to establish credit lines in the national currencies, as well as a memorandum of cooperation on credit ratings.

Ahead of the Brics summit, the New Development Bank (NDB) of the five nations has approved $1.4 billion loans for sustainable development projects in China, India and Russia.

The Board of Directors of the bank have approved four infrastructure and sustainable development projects in the three countries, the NDB had said.

For India, the bank has approved $470 million loan for Madhya Pradesh’s Multi-Village Rural Drinking Water Supply Scheme Project.

ANSWER: Xiamen declaration

Explanation:
In a significant move forward from the Goa BRICS declaration, Beijing has signed off on New Delhi’s initiative to name two Pakistan-based terrorist groups, Lashkar-e-Taiba and Jaish-e-Mohammad, in the Xiamen declaration.

China has been expressing “concern” on the security situation in the region and violence caused by these outfits.

This is the first time that a BRICS declaration has named these terrorist groups, although the Heart of Asia declaration in Amritsar, a grouping which includes China and Pakistan, also named them in December 2016.

But there has been no visible change in China’s policy on the ground so far.

Along with the Haqqani network, Taliban and Islamic State, the Xiamen declaration also named the Eastern Turkistan Islamic Movement, a Muslim separatist group founded by militant Uighurs, members of the Turkic-speaking ethnic group in northwest China’s Xinjiang province.

The Xiamen declaration also deplored all terrorist attacks worldwide, including attacks in BRICS countries, and condemned terrorism in all its forms and manifestations wherever committed, by whomsoever.

It underlined that there could be no justification whatsoever for any act of terrorism.

ANSWER: Agriculture Research Platform

Explanation:
The Union cabinet on Aug 2 gave ex-post facto approval for a MoU between India and BRICS countries to set up a BRICS-Agriculture Research Platform (BRICS-ARP).

During the 7th BRICS summit held on July 9, 2015 at Ufa in Russia, Prime Minister Narendra Modi had proposed to establish BRICS-ARP.

The centre will promote sustainable agricultural development and poverty alleviation through strategic cooperation in agriculture to provide food security in the BRICS member countries.

In order to further intensify cooperation among BRICS countries in agricultural research policy, science and technology, innovation and capacity building, including technologies for small¬holder farming in the BRICS countries, an MoU on establishment of the Agricultural Research Platform was signed by the Foreign Ministers of BRICS countries in the 8th BRICS Summit held on October 16, 2016 in Goa.

BRICS-ARP will be the natural global platform for science-led agriculture-based sustainable development for addressing the issues of world hunger, under-nutrition, poverty and inequality and enhancing agricultural trade, bio-security and climate resilient agriculture.

ANSWER: Shanghai

Explanation:
The 7th Meeting of BRICS Trade Ministers was held in Shanghai from 1-2 August.

A six-member delegation led by Commerce and Industry Minister Smt. Nirmala Sitharaman, along with Ambassador J.S. Deepak, participated in the meetings.

Mr. Zhong Shan, Minister of Commerce from China, presided over the meetings.

The other delegations were represented by Mr. Rob Davies, Minister of Trade and Industry (South Africa), Mr. Marcelo Maia Tavares de Araujo, Secretary of Commerce and Services of Ministry of Industry (Brazil) and Mr Maxim Oreshkin, Minister of Economic Development (Russia).

A collective courtesy call on Vice Premier Wang Yang was also organized for the BRICS Trade Ministers.

Separately, a bilateral meeting between Commerce and Industry Minister (CIM) and Chinese Commerce Minister was also held.

• The Ministers adopted the following documents at the conclusion of the meeting:
• 7th BRICS Trade Ministers’ Joint Statement
• BRICS Trade in Services Cooperation Roadmap
• BRICS E-Commerce Cooperation Initiative
• BRICS IPR Cooperation Guidelines
• Framework on strengthening the Economic and Technical Cooperation of BRICS Countries
• Terms of Reference (ToR) of BRICS Model E-Port Network
• Outlines for BRICS Investment Facilitation

ANSWER: China

Explanation:
BRICS countries-Brazil, Russia, India, China, South Africa have agreed to work together to ensure stable employment and better quality of life for their people.

Decision in this regard was taken at the 2017 Labour and Employment Ministers’ meeting held in Chongqing, China.

The meeting comes ahead of 2017 BRICS Summit to be held in Xiamen, China in September 2017.

Labour and Employment Ministers from BRICS counters discussed topics ranging from skills-driven development to a universally sustainable social security system.

They passed BRICS Labour and Employment Ministerial Declaration. It covers a variety of areas that are of critical importance to all BRICS countries including India and called upon strengthening collaboration and cooperation on these through appropriate institutionalisation.

These areas covered under the declaration consist of Governance in the Future of Work, Universal and sustainable social security systems, Skills for development in BRICS, BRICS Social Security Cooperation Framework, BRICS Network of Labour Research Institutions and BRICS entrepreneurship research.

They also presented four documents, including one on common ground in labour market governance and an action plan on skills-driven poverty alleviation.

They also held that they should work together to boost employment and inclusive growth, enhancing the skills of professionals to alleviate poverty.

ANSWER: BRICS

Explanation:
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given the approval for the signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations of BRICS countries.

The BRICS countries are Brazil, Russian Federation, China and South Africa

The MoC aims to further promote cooperation amongst the BRICS Revenue administrations in international forum on common areas of interest in tax matters and in the area of capacity building and knowledge sharing.

It envisages regular interaction amongst the heads of Revenue administration of BRICS countries to continue discussion on common areas of interest and strive towards convergence of views and meeting of the Experts on tax matters to discuss the contemporary issues in areas of international tax.

In addition, the MoC accords confidentiality and protection to information exchanged under this MoC.

The MoC will stimulate effective cooperation in tax matters.

The collective stand of BRICS countries can prove to be beneficial not only to these countries but also to other developing countries in the long run in tax matters being steered by the G20.

Need for MOC

• The Heads of Revenue of the BRICS countries have been meeting regularly to discuss the potential areas of cooperation in tax matters and to exchange opinions.
• They also discuss views based on the existing commitment to openness, solidarity, equality, mutual understanding, inclusiveness and mutually beneficial cooperation, as stated in the Goa Declaration issued on October 16, 2016.
• The BRICS countries have identified four areas of mutual interest on which understanding and cooperation can be further strengthened.
• The heads of Revenue of BRICS countries in their meeting held on the sidelines of FTA plenary at Beijing, China in May, 2016 decided to sign a MoC outlining these areas of cooperation.

ANSWER: Iqbal Surve

Explanation:
Indian-origin South African billionaire Iqbal Surve has been appointed as chairperson of the country’s BRICS Business Council.

This has underlined the need for strengthening trade ties with countries like India and China.

Straight after his appointment by the South African government, Surve, headed to New Delhi for the mid-term meeting of the Brics Councils from other countries in the bloc – Brazil, Russia, India, China and South Africa.

He highlighted importance to strengthen ties with China and India.

Surve, the chairperson of Sekunjalo Group and Independent Media, has interests in media, technology and healthcare.

He is a founding member of the BRICS Business Council and the Clinton Global Initiative; he additionally serves on a number of multi-lateral institutions and global organisations.

Surve served as the first chairperson of the World Economic Forum Global Growth Companies Advisory Board and vice chairperson of the Global Agenda Council for Emerging Multinationals.

He is a participant member of the G20 meeting and serves on B20 Task Teams as well as the Unga private sector forum.

BRICS Business Council: Know More

BRICS BUSINESS COUNCIL

The BRICS Business Council was established during the Fifth BRICS Summit held on 26th - 27th March 2013 in Durban, South Africa.
The objective of creating the council was to constitute a platform which will:

• Promote and strengthen business, trade and investment ties amongst the business communities of the five BRICS countries;
  
• Ensure that there is regular dialogue between the business communities of the BRICS nations and the Governments of the BRICS countries; and
• Identify problems and bottlenecks to ensure greater economic, trade and investment ties amongst the BRICS countries and recommend solutions accordingly.

ANSWER: Nanjing

Explanation:
The 9^th BRICS Summit’s first Sherpas Meeting took place in Nanjing.

This is the capital of east China’s Jiangsu Province.

The theme of meeting was concentrated on ‘BRICS: Stronger Partnership for a Brighter Future’.

The 2-day meeting saw participation of more than 100 participants, including coordinators from all sides, foreign diplomats, and representatives from the BRICS New Development Bank (NDB).

It covered priority areas of political affairs, economy and culture for BRICS cooperation, especially in the areas.

The Sherpas Meeting is considered as a major channel to push forward BRICS cooperation.

It aimed at political preparation for the leaders’ meeting for the 9th BRICS Summit to be held in Xiamen, China.

Nanjing: Know More

• Nanjing, capital of China’s eastern Jiangsu province, is roughly 300km up the Yangtze River from the city of Shanghai.
• It was the national capital during part of the Ming dynasty.
• It was earlier romanized as Nankin/Nanking.

ANSWER: Mumbai

Explanation:
A Joint Communique was also issued at the conclusion of the two-day BRICS meeting of Revenue heads and Tax experts at Mumbai, India. The meeting was held from 5-6 December 2016.

Its primary objective was to discuss potential areas of cooperation in tax matters. It aimed to initiate an exchange of ideas, opinions, relevant knowledge and experience regarding the same.

All heads vowed to continue their support to all actions and international initiatives taken towards achieving a universally transparent tax system.

They also reasserted their commitment towards actions taken to ensure fairness of the same system, especially in the case of prevention of base erosion, shifting of profits, and exchange of tax information and capacity building of the developing countries.

The leaders expressed extra concern on the process of erosion of the tax base due to aggressive tax practices including incomplete disclosure of information and committed to eliminate the concern by working in solidarity with each other.

They reaffirmed their support for the global Common Reporting Standard for automatic exchange of information and set 2018 as the deadline for its implementation.

The heads jointly declared their continued commitment towards the promotion of closer cooperation on issues of mutual concern and interest.

ANSWER: 8th

Explanation:
BRICS nations namely Brazil, India, China, Russia and South Africa on 16th Oct 2016 inked three agreements to boost bilateral cooperation– these agreements were inked in Goa during the 8th BRICS summit

• The summit was held from 15 to 16 Oct under the theme Building Responsive, Inclusive and Collective Solutions
  
  List of MoUs signed by BRICS countries includes:
  
  
• MoU for establishment of BRICS Agricultural Research Platform
• MoU on mutual cooperation between diplomatic academies
• Regulation on customs cooperation committee of the BRICS
• BRICS members are also part of the G-20
• As of 2015, the given BRICS countries represent 3.6 billion people or half of the world population
• All 5 members are in the top 25 of the world by population and four are in the top 10
• The 8th BRICS summit was attended by the Prime Minister Narendra Modi, Brazilian President Michel Temer, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma.
• Towards the end of the summit, the 109 point declaration was established
• The states indicated it was the responsibility of all states to prevent terrorist action from their territories
• They condemned some recent terror attacks such as the Uri terror attack in India
• The leaders also condemned terrorism in all its forms and stressed there can be no justification for such attacks
• They acknowledged that international terrorism, such as IS constitute an unprecedented threat to peace and security
• All 5 nations reaffirmed the commitment to increase effectiveness of the UN counter terrorism framework
• Goa Declaration also called for reforms in the UN including the Security Council to increase the representation of developing countries
• They also highlighted the importance of public and private investments in infrastructure such as connectivity
• Apart from this, leaders of the BRICS nation also appreciated the progress in the strategy for BRICS Economic Partnership and emphasised the importance of the BRICS roadmap for trade, economic and investment cooperation until 2020.
• BRICS leaders also welcomed the signing of the MoU between BRICS nations National Development Banks and the New Development Bank
• BRICS Grouping welcomed the 2030 Agenda for Sustainable Development and said growth was imperative in a sustainable and inclusive fashion.
• Summit’s focus was also on enhancing P2P contact through activities such as Film Festival, Young Diplomats Forum, Youth Summit and U-17 Football Tournament.
• The ninth BRICS summit will be hosted by China in 2017
• Leaders also held an outreach summit with leaders of BIMSTEC or Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation member countries
• The BIMSTEC grouping comprises Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
• The grouping also examined possibilities of expanding trade and commercial ties between the member nations of the two religious groupings