• UGI USER
  • Jan 17, 2024
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MODI – PUTIN PHONE CALL: STRENGTHENING STRATEGIC TIES

Why in the News?

  • Modi and Putin had a positive conversation on the special and privileged strategic partnership between India and Russia.

Key Issues:

  • Both leaders discussed practical cooperation in trade, economics, science, technology, energy, and logistics, expressing satisfaction.
  • Expressed readiness to coordinate approaches to the BRICS agenda.
  • The leaders emphasized dialogue and India’s readiness to contribute to Russia’s BRICS chairmanship goals.
About BRICS

Formation and Expansion:

·   Coined by Jim O’Neill in 2001, BRICS comprises Brazil, Russia, India, China, and South Africa.

·   Formalized in 2006, South Africa joined in 2010, leading to the adoption of the term BRICS.

Source: Visual Capitalist

Global Impact:

·   Represents 41% of the global population, 24% of GDP, and 16% of global trade.

·   Rotates chairmanship annually among members (B-R-I-C-S).

Initiatives:

·   New Development Bank (NDB) established in 2014 with 70 approved projects.

·   Contingent Reserve Arrangement for financial stability.

·   Customs agreements for trade coordination.

·   Cooperation on BRICS Remote Sensing Satellite Constellation launched in 2021.