BRICS nations vow to fight protectionism…
Trade ministers from India and other
BRICS countries pledged to rise against protectionism and safeguard the
multilateral trade system after concluding their annual meeting in Shanghai
The member countries -- Brazil, Russia, India,
China and South Africa -- are also members of the World Trade Organisation
(WTO), playing a major part in global economic governance.
Safeguarding the multilateral trade system and the rise against protectionism serves the common interests of emerging and developing economies.
What is BRICS???
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members. Since 2009, the BRICS nations have met annually at formal summits.
The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009.
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