BRICS Foreign Ministers Meet | 29 Apr 2020

Recently, the External Affairs Minister of India attended the BRICS Foreign Ministers meet through video conferencing.

This meeting was convened by Russia to discuss the impact of the coronavirus pandemic.

BRICS nations have set up a "special loan instrument" of $15 billion fund for member nations to revive the economy amid Covid-19 pandemic
BRICS nations exchanged views on possible joint measures to be taken by the member states to counter Covid-19 and overcome the financial, trade, economic and social consequences of the pandemic.
India showcased its pharmaceutical support to around 85 countries to deal with the viral infection. It also highlighted the need for reforms in the multilateral bodies like the United Nations.
- The UN Security Council members are currently discussing draft resolutions on the Covid-19 pandemic.

BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
- In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
- The grouping was formalised during the first meeting of BRIC Foreign Ministers in 2006.
- South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
It comprises 42% of the world's population, has 23% of the global GDP and around 17% of the world trade.
The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
The BRICS Leaders’ Summit is convened annually.
During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB). They also signed the BRICS Contingent Reserve Arrangement.