Goa getting ready to host BRICS summit in October

Goa government is putting in place required infrastructure and making arrangements for the eighth annual summit of BRICS, a bloc of five emerging economies, to be held in the coastal state in October.

Over 8,000 delegates from Brazil, Russia, India, China, South Africa (BRICS) are expected to take part in the mega event to be held from October 15-16. India is hosting the summit in its capacity as chair of the influential bloc.

“BRICS summit will be held in Goa in October and we are building all the required infrastructure for it. Over 8,000 delegates from the five member-countries are expected to participate in it,” Chief Minister Laxmikant Parsekar said.

He was speaking to mediapersons after presiding over a meeting with the secretaries and senior officers, held to take stock of preparations for the event.

“This will be a high-profile international event with VVIPs attending it. Therefore, we need to be well prepared for providing them best facilities and comfort,” he said.

“We want to create infrastructure that can be maintained and used even after the event is over. We still have three more months to go for the summit,” Parsekar said.

BRICS member-countries account for 42% of the world population and have a combined GDP of over US $16 trillion.

BRICS

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 controversial inclusion of South Africa in 2010.

BRICS brings together five major emerging economies, comprising 43% of the world population, having 37% of the world GDP and 17% share in the world trade.

The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, “The World Needs Better Economic BRICs” on the basis of econometric analyses projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so.

As a formal grouping, BRIC started after the meeting of the Leaders of Russia, India and China in St. Petersburg on the margins of G8 Outreach Summit in July 2006. The grouping was formalized during the 1st meeting of BRIC Foreign Ministers on the margins of UNGA in New York in September 2006. The 1st BRIC Summit was held in Yekaterinburg, Russia, on 16 June 2009.

It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers’ meeting in New York in September 2010. Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011.

Seven BRICS Summits have taken place so far. The 8th BRICS Summit will be hosted by India in GOA

Starting essentially with economic issues of mutual interest, the agenda of BRICS meetings has considerably widened over the years to encompass topical global issues. BRICS cooperation has two pillars – consultation on issues of mutual interest through meetings of Leaders as well as of Ministers of Finance, Trade, Health, S&T, Education, Agriculture, Communication, Labour, etc. and practical cooperation in a number of areas through meetings of Working Groups/Senior Officials. Regular annual Summits as well as meetings of Leaders on the margins of G20 Summits are held.

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