What is the issue ?
- The Union Cabinet chaired by the Prime Minister has given its ex-post facto approval for the Memorandum of Understanding (MoU) among Brazil, Russian Federation, India, China, South Africa, regarding Cooperation in the Social, Labour Sphere and Environmental cooperation.
About the MoUs :
- In the MoU, the parties including India have agreed to cooperate and hold mutual events in the prominent areas viz. labour legislation and enforcement, protection of workers' rights with focus on vulnerable groups, Employment and labour market policies, Professional education, skills and training and Social protection.
- The member countries may utilize the BRICS Network of Labour Research Institutes and BRICS Social Security Cooperation Framework for cooperation on Social Security and other labour issues.
- The MoU on Environmental cooperation will enable establishment and promotion of closer and long-term, cooperation between the BRICS countries in the field of environment protection and management of natural resources on the basis of equity, reciprocity and mutual benefits, taking into account the applicable laws find legal provisions in each country.
BRICS : What you need to know
1. What is it ?
- BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
- BRIC started as a formal grouping in 2006 on the margins of G8 outreach summit.
- Originally the first four were grouped as "BRIC" before the induction of South Africa in 2010.
- 1st Summit was held in Russia in 2009. Moreover 1st, 5 member BRICS summit was held in 2011.
2. Founding members ?
- South Africa (joined the grouping in 2010)
3. Functions performed ?
- Economic co-operation
- Self-sufficiency rather than dependency on the West dominated institutions
- Achieve regional development
- Optimum use of resources among member nations
- Promotion of technological information exchange among the countries.
- Striving to achieve regional safety and security in the region
4. What is its importance ?
- The BRICS countries include more than 40% of the world's population and occupy over a quarter of the world's land area. Brazil, Russia, India, China, and South Africa together are a powerful economic force.
- BRICS countries come from Asia, Africa, Europe and America and are all members of the G20.
- Together, they account for 26.46% of world land area, 42.58% of world population, 13.24% of World Bank voting power and 14.91% of IMF quota shares.
- According to IMF’s estimates, BRICS countries generated 22.53% of the world GDP in 2015 and has contributed more than 50% of world economic growth during the last 10 years.
5. Latest meeting held at ?
- 9th Summit was held at Xiamen in China
- 10th Summit was held at Johannesburg in South Africa
6. Is India a part of the meeting/summit ?
- Yes, India is an integral part of the grouping.