CURRENT AFFAIRS

Detailed explanation-1: -China will give $80 million in funding for BRICS cooperation plans, Chinese President Xi Jinping said on Monday, while the bloc of five emerging countries pledged to oppose protectionism.

Detailed explanation-2: -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.

Detailed explanation-3: -China is the leading exporter and importer of goods among BRICS countries, the leading investor and importer of FDI inflow from BRICS countries. Trade and investment cooperation of China with other BRICS countries is leeding to obtain a synergistic effect, affecting GDP growth.

Detailed explanation-4: -Concerning a BRICS expansion, Lavrov stated that Algeria, Argentina, and Iran had all applied, while it is already known that Saudi Arabia, Türkiye, Egypt and Afghanistan are interested, along with Indonesia, which is expected to make a formal application to join at the upcoming G20 summit in Bali.

Detailed explanation-5: -The most recent BRICS leaders’ summit took place virtually on 23 June 2022 hosted by China.