BRICS works for shared prosperity

·         it was first used in 2001 by Goldman Sachs as part of an economic modeling exercise to forecast global economic trends over the next half century.

·         BRIC term coined by Jim O'Neill of Goldman Sachs in 2001

·         BRICS is important by itself because together it commands about 26 per cent of world’s geographic area,

o    42 per cent of the global population of the world, and

o   18 per cent of the global GDP.

o   15% world trade by volume

o   30% of world and area

·          BRICS countries have also been amongst the fastest growing economies in the world with tremendous potential.

·         1^st summit: yeakterinburg,Russia

·         2^nd summit: Brasilia,Brazil

·         3^rd summit: sanya,China

·         4^th summit: india

COMMON PROBLEMS OF BRICS

·         Maintain healthy and sustainbl grwth

·         Restructure economy

·         Ensure inclusive and equitable devpt

FOCUS AREAS

·         Economic, financial and development issues

AGENDA @ 3^rd summit

·         Reach consensus on tackling global problems

·         Increase cooperation among the BRICS

INDIA-CHINA cooperation areas

·         Food security

·         Climate change

·         International financial insttn reforms