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Tuesday, 1 November 2016

All about BRICS - Summit, MCQs, MOUs, Bank

Hello Readers. You know today we are here with "All about BRICS - Summit, MCQs, MOUs, Bank". This is very important topic for IBPS Bank Exam Preparation like 'BRICS'. In General Awareness section every candidate must read and study this topic with 70+% priority. This topic is Prepared/designed by our nick name member Dr. Brekam - Breaking news specialist in our team.



Recently we read news that-
3 MoUs was signed by the BRICS nations at the recent summit held in Goa. You may read below these all three MOUs in this article.

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. BRICS is a group of nations working together on common goals.

Although BRICS has formed a financial institution to fund the nations in the group.

This financial institution is known New Development Bank (NDB).

It has been formed in parallel to International Monetary Fund(IMF) and with similar functions.

This institution has headquarters in Shanghai.


K.V. Kamath is the first head of the bank.


The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs. The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN General Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.

India hosted the 8th BRICS conference in Goa on 15th and 16th Oct 2016.
The 9th BRICS Summit will be held in 2017 and hosted by China.
The World bank expects BRICS growth to pick up to 5.3% in 2017.

Here is the 3 MoUs was signed by the BRICS nations at the recent summit held in Goa.
(I) MoU for Establishment of BRICS Agricultural Research Platform
(II) MoU on Mutual Cooperation between Diplomatic Academies
(III) MoU on Regulations on Customs Cooperation Committee of the BRICS


Here is the some asked questions related to term 'BRICS'


Question. What is the BRICS?
Answer- BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010.

Question. What is the Brics bank?
Answer- The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing American and European-dominated World Bank and International Monetary Fund.

Question. What is the full form of BRICS?
Answer- Brazil, Russia, India, China and South Africa (BRICS) is an acronym for the combined economies of Brazil, Russia, India, China and South Africa. BRIC, without South Africa, was originally coined in 2003 by Goldman Sachs, which speculates that by 2050 these four economies will be the most dominant.

Question. What are the BRIC countries and why are they important?
Answer- In 2001, Jim O'Neill, then Chief Economist of Goldman Sachs, coined the acronym for Brazil, Russia, India and China as the largest emerging markets economies. He expected them to grow faster than the developed countries and to play an increasingly important role in the world. And so they have.



Question. First BRICS Bank President 
Answer- K. V. Kamath, First BRICS Bank President (appointed in 2015) Former Independent director at Infosys Former Chairman of ICICI Bank.


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