5th BRICS Culture Ministers’ Meet held

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.