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Showing posts with the label Contingent Reserve Arrangement

12th BRICS Summit 2020: A new agenda for cooperation?

One of the key principles guiding the BRICS since inception is that member countries do not cross each other’s “red lines” and follow the general “club” principle of not publicizing members’ disagreements. The BRICS leaders at the tenth summit held in South Africa in 2018 The main challenge ahead of the BRICS is not procedural nor bureaucratic, but to continue to lead with innovative thinking and practical responses to some of the most pressing development challenges of our time. The 12th BRICS Summit on November 17 will be a test for the grouping under Russia’s helm. Since the creation of the BRICS in 2009, the five countries have strengthened their participation in the world economy. Pushed by China and India, the total BRICS GDP amounted to 25% of global GDP (US$21 trillion) and BRICS share in international trade stood at almost 20% (US$6.7 trillion) in 2020. Over the past five years, intra-BRICS exports grew by 45% and the share of intra-BRICS exports in total BRICS internationa...