BRICS Summit 2017

BRICS Summit 2017

BRICS Summit 2017

The 9th BRICS summit was held in Xiamen, China from September 3 to 5, 2017.

  • After the 2011 summit, it was the second time, when China had hosted the summit.
  • On September 04, 2017, the BRICS nations issued a declaration.
  • For the first time, all the five BRICS nations named the terror groups based in Pakistan and united to take a stand against terrorism.

The main highlights of the summit →

  • The BRICS Agriculture Research Platform was proposed to be established in India.
  • The BRICS countries agreed to boost the development of BRICS local currency bond markets.
  • The BRICS co-operation on energy and work to foster open, flexible and transparent markets for energy commodities and technologies were committed to strengthening by the BRICS countries.
  • In order to promote more effective use of fossil fuels and wider use of gas, hydro and nuclear power, BRICS nations resolved to work together. It will contribute to the move towards a low emission economy, better energy access, and sustainable development.
  • They have resolved the issues to jointly establish a BRICS local currency bond fund as well as to facilitate financial market integration.
  • They also called upon the international community to establish a genuinely broad counterterrorism coalition. It has been also proposed to support the UN’s central co-ordinating role in this regard.
  • The BRICS countries will initiate dialogue and co-operation with non-BRICS countries, including through BRICS Plus co-operation.
  • They will also strive towards broad partnerships with emerging markets and developing countries and pursue equal-footed and flexible practices with non-BRICS countries.
  • The BRICS nations will also encourage explorations toward the establishment of the BRICS Institute of Future Networks.
  • Moreover, the BRICS countries will co-operate with each other for research, development,
  • and innovation in information and technology in such areas – data analytics, 5G and their innovative applications, nano-technology, artificial intelligence, big data, cloud computing, the internet of things.
  • BRICS nations also emphasized the importance of people-to-people exchanges in promoting development and enhancing mutual understanding, friendship and co-operation among BRICS’s people.

{To know about ‘BRICS’, see the news analysis, “Five banks of BRICS nations sign pact for credit lines”}

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