9th BRICS Science & Technology Ministers meeting
- Recently, India’s Minister for Science & Technology Dr Jitendra Singh virtually chaired the 9th BRICS Science & Technology Ministers meeting.
- It is an acronym for 5 emerging economies of the world – Brazil, Russia, India, China, South Africa.
- This term BRIC was coined by Jim O’ Neil, the then chairman of Goldman Sachs in 2001.
- It was earlier formed just to resolve the global financial issues and reform institutions.
Objectives of Grouping:
- To broaden, deepen, and intensify cooperation among the member countries for mutually beneficial, sustainable and equitable development.
- To encourage economic strengths of individual countries and eliminate competition wherever possible.
New Development Bank:
- It is multilateral development institution created by the BRICS
- It was established in 2015.
- Member countries hold an equal stake in the bank and work on consultative mechanisms.
- A major idea behind it was to mobilize funds and resources for sustainable development and infrastructure projects
- It has also helped other emerging economies and developing countries.
- Key Areas of operation:Clean Energy,Sustainable Urban Development ,Economic development among BRICS member countries,Agriculture development and irrigation,
- Transport infrastructure
Highlights of the Meeting:
- It has called for working towards a rightful place for BRICS (Brazil, Russia, India, China, and South Africa) in the Global Innovation Index and this can be achieved through further strengthening the cooperation in the field of Science, Technology and Innovation (STI).
- Raised the importance of cooperation in Science, Technology and Innovation (STI) to bring in technological and digital solutions for the achievement of Sustainable Development Goals (SDGs).
- It has expanded intra-BRICS cooperation by strengthening preparedness and response to the pandemic
- Innovation Cooperation Action Plan 2021-2024 ,BRICS STI Calendar of Activities 2022.BRICS STI Declaration 2021 were adopted during the meeting