Daily Hot Topic
Topic : 14th BRICS Trade Ministers’ Meeting
GS-3 Mains : IR
BRICS Background
- Emerging economies bloc: Brazil, Russia, India, China, South Africa.
- Formed in 2006, expanded to BRICS in 2010.
- Focuses on political, economic, and cultural cooperation.
- Represents 41% of global population, 24% of GDP, and 16% of global trade.
Importance of BRICS
- Economic cooperation through New Development Bank (NDB).
- Global governance reforms to increase emerging economies’ influence.
- Cultural and academic exchange for people-to-people ties.
BRICS Expansion
- Six new members: Argentina, Ethiopia, Egypt, Iran, Saudi Arabia, and UAE.
- Aims to strengthen the group and global representation.
14th BRICS Trade Ministers’ Meeting Focus
- Strengthened multilateral trading system through WTO reforms.
- Emphasized joint value chains and MSME cooperation.
- Promoted SEZs for economic growth.
Multilateralism and Urgent Reforms
- Permanent solution for Public Stock Holding.
- Two-tier dispute settlement system in WTO.
- WTO reforms for emerging economies.
- ’30 for 30′ initiative for WTO improvements.
- Resilient supply chains through decentralization and diversification.
- Paperless trade and digitalization of trade documents.
- Affordable emerging technologies and green transition.
- Concerns over climate-related unilateral measures impacting trade.
Conclusion
- Platform for dialogue on critical trade issues.
- Commitment to multilateralism and equitable growth.
- Focus on cooperation, inclusiveness, and just global development.
हिन्दी