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5th BRICS Culture Ministers’ Meet held

  • IASbaba
  • September 16, 2020
  • 0
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5th BRICS Culture Ministers’ Meet held

Part of: GS Prelims and GS-II – International Relations; Global Groupings

In news

  • The 5th BRICS Culture Ministers’ Meeting was held through a video conference.
  • Chairmanship: Russian Federation.

Key takeaways

  • Impact of the Covid-19 situation on the cultural sphere in the BRICS countries was discussed.
  • Possible implementation of joint cultural online-projects within BRICS was reviewed.
  • India also suggested exploring possibilities of hosting a Digital Online Exhibition on a shared theme towards the end of 2021 under the auspices of BRICS Alliance of Museums.
  • The National Gallery of Modern Arts, New Delhi will host the BRICS Joint Exhibition titled ‘Bonding Regions & Imagining Cultural Synergies’ under the auspices of the BRICS Alliance of Art Museums and Galleries in 2021.

Important value additions

BRICS

  • BRICS is an association of Brazil, Russia, India, China and South Africa.
  • All are members of G20.
  • Represent over 3.1 billion people, 41% of the world population.
  • As of 2018, BRICS have US $40.55 trillion (32% of World’s GDP PPP). 
  • Bilateral relations among BRICS nations are conducted on the basis of non-interference, equality, and mutual benefit.
  • There are two components that make up the financial architecture of BRICS: (1) New Development Bank (NDB) (BRICS Development Bank); (2) Contingent Reserve Arrangement (CRA).

Do you know?

  • The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB – Shanghai, China). 
  • They also signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to the members.

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