10th BRICS Summit hails inclusive growth

The 10th annual summit of BRICS, a cooperation of the emerging economies of Brazil, Russia, India, China and South Africa, was themed around "BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution”

July 28, 2018

The summit, held in Johannesburg over July 25-27, focussed on development, inclusivity and mutual prosperity in the context of technology driven industrialisation and growth

The BRICS nations represent 43 per cent of world population and 22.5 per cent of the global GDP and contributed over 50 per cent of world economic growth in the last decade

The BRICS-Africa Outreach event and the 2nd BRICS Plus cooperation with Emerging Markets and Developing Countries (EMDCs) were held during the Johannesburg Summit

The BRICS nations reinforced commitment to uphold multilateralism and to work together to implement the 2030 Sustainable Development Goals to eradicate global poverty

The 10th annual summit of BRICS, a cooperation platform of the emerging economies of Brazil, Russia, India, China and South Africa, was themed around “BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the 4th Industrial Revolution”. The summit, held at Johannesburg, South Africa, over July 25-27, focussed on development, inclusivity and mutual prosperity in the context of technology driven industrialisation and growth. On the occasion, the leaders of BRICS states and governments – Brazilian President Michel Temer, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and South African President Cyril Ramaphosa – expressed satisfaction regarding the achievements of BRICS bloc over the last ten years. The meeting was held on the centenary of the birth of Nelson Mandela, a South African anti-apartheid leader.

The BRICS nations represent 43 per cent of the world’s total population and 22.5 per cent of the world’s total GDP. The BRICS summit 2018 helped strengthen the three-pillar-driven cooperation in the areas of economy, peace and security and people-to-people exchanges. On the occasion, Indian Government signed three preliminary deals – (1) Between the Indian Council of Agricultural Research, New Delhi, India and the Agricultural Research Council, Pretoria, South Africa on cooperation in agricultural research and education; (2) Between the Government of South Africa and the Government of India regarding the setting up of the “Gandhi Mandela Centre of Specialisation for Artisan Skills” in South Africa; (3) Between Indian Space Research Organisation (ISRO) and the South African National Space Agency on cooperation in the exploration and uses of outer space for peaceful purposes.

The BRICS-Africa Outreach event as well as the 2nd BRICS Plus cooperation with Emerging Markets and Developing Countries (EMDCs) were also held during the Johannesburg Summit. The BRICS nations also reinforced commitment to uphold multilateralism and to work together to implement the 2030 Sustainable Development Goals (SDG). The SDG aims to provide sustainable development in three dimensions – economic, social and environmental – in an integrated manner, towards the ultimate goal of eradicating poverty by 2030. The BRICS nations aim to achieve this through improved tie-ups in agriculture, renewable energy, water management, marine economy, skill development, defence and security, among other critical sectors. Meanwhile, BRICS’ financing unit, the New Development Bank, has contributed around US$1.8 billion to as many as five essential projects in India.