Unic Press UK: At the ongoing 2017 Ninth BRICS Summit holding in China, the Chinese president Xi Jingping has called on all the member states’ [Brazil, Russia, India, China and South Africa] to promote sustained development among each other through greater collaboration and synergy.
Jingping:“Despite our differences in national conditions, our five countries are in a similar stage of development and share the same development goals. We all face an arduous task in growing the economy. With a focus on structural reform and sustainable development, we need to expand our converging interests and share experience on innovation, entrepreneurship, industrial development and production capacity to boost our economic development”, reports Xinhua.
NINTH #BRICS SUMMIT – #XIAMEN, #CHINA, SEPT. 3-5, 2017 #brics #bricssummit #brics2017 pic.twitter.com/TLYxvpQY17
— BRICS Parma (@BRICSparma) September 4, 2017
About BRICS
BRICS is the acronym for an international organization, comprising of five major emerging national economies, viz:Brazil, Russia, India, China and South Africa.
It was at the first BRIC Foreign Ministers’ Meeting in 2006 that a sort of cooperation among four states’ – Brazil, Russia, India and China was discussed.
Russia hosted the first summit of BRIC in 2009. Thereafter, a summit involving BRIC member countries became an annual event.
South Africa’s induction into the organization in 2010 is the reason it is currently known as BRICS.
During its Sixth Summit in Fortaleza (2014), the leaders of BRICS signed the Agreement establishing the New Development Bank (NDB), aiming to “support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology”. The New Development Bank is seen as a rising competitor with the World Bank.
