Goa to host BRICS Summit


We are continuously being informed about the economic slump and rising inflation in the country, but now there is reason to cheer as the International BRICS summit is coming to India next month. It will explore new avenues for economic development, among the 5 members of BRICS, namely Brazil, Russia, India, China and South Africa. The good news is that the Goan Capital of Panaji is going to be the venue for the BRICS summit due to be held on the 15th and 16th October 2016. Goa will also be staging many events around the BRICS programme.

The following tentative dates have been given for events that will take place in Goa:

  • 28th August- Secretary-level meeting of BRICS
  • 29th August-Ministerial meeting of Environment Ministers of BRICS
  • 19th -22nd September- BRICS Academic Forum
  • 14th October- Meeting of BRICS Finance Ministers, Central Bank Governors, BRICS Development Banks and Workshop on Export Credit
  • 15th October- BRICS Business Council
  • 15th October- Annual Meeting of BRICS Interbank Cooperation Mechanism
  • 15th October- BRICS Financial Forum
  • 15th & 16th October- Meeting of Heads of BRICS Development Bank with NDB
  • 16th October- BRICS Business Council Interaction with BRICS Leaders
  • To be held in October- U-17 Football Tournament

What is BRICS?

The term BRIC was first used in 2001 by Jim O’Neal, the Chairmen of Goldman Sachs Asset Management to describe the emerging markets of Brazil, Russia, India and China in a report titled ‘Building better economic BRIC’s.’

The foreign ministers of the 4 countries met at the margins of the General debate at the UN General Assembly, in New York City on 16th September 2006. The first official meeting between the Prime ministers of the four countries under the banner of BRICS happened, in Russia, in 2009. In 2014, South Africa was allowed to join the BRIC group of nations, which made it BRICS.

Previous BRICS summits:

  • 16th June 2009 – Russia (Yekaterinburg)
  • 15th April 2010- Brazil (Brasilia)
  • 3rd April 2011- China (Sanya)
  • 29th March 2012- India (New Delhi)
  • 26th-27th March 2013 South Africa (Durban)
  • 14th-16th July 2014 Brazil (Fortaleza)
  • 8th-9th July 2015 Russia (Ufa)

Let’s hope the summit in Goa will be remembered in the years to come as the one that revolutionized business in the emerging markets!