BANKING AFFAIRS

Detailed explanation-1: -As of 2014, the BRICS nations represented 18 percent of the world economy.

Detailed explanation-2: -Accounting for 23 percent of the global economy, 18 percent of trade in goods and 25 percent of foreign investment, BRICS countries have formed an important force that cannot be ignored in the world economy.

Detailed explanation-3: -BRICS is an important grouping bringing together the major emerging economies from the world, comprising 41% of the world population*, having 24% of the world GDP* and over 16% share in the world trade*. BRICS countries have been the main engines of global economic growth over the years.

Detailed explanation-4: -In 2021, it is estimated that the BRICS countries have a combined population of 3.22 billion people, which is over 40 percent of the world population.

Detailed explanation-5: -Under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”, leaders of the five countries held in-depth exchange of views on BRICS cooperation in various sectors and major issues of common concern and reached important consensus.