Question

UPSC Prelims 2015 Question:

The 'Fortaleza Declaration', recently in the news, is related to the affairs of

1. ASEAN
2. BRICS
3. OECD
4. WTO

Answer (Detailed Solution Below)

Option 2: BRICS

Detailed Solution

Explanation:

Fortaleza Declaration: It was the outcome of the Sixth BRICS Summit in Fortaleza, Brazil, in 2014 and included several key points. The New Development Bank is a multilateral development bank founded by the BRICS countries in 2014 at the 6th BRICS Summit in Fortaleza, Brazil.

New Development Bank
- It was established to support infrastructure and sustainable development efforts in the BRICS and other underserved emerging economies in order to achieve faster development through innovation and cutting-edge technology.
- Its headquarters are in Shanghai, China. The NDB was granted observer status in the United Nations General Assembly in 2018, laying the groundwork for active and fruitful cooperation with the UN.

Knowledge Box

BRICS is an acronym for the world's leading emerging economies, which include Brazil, Russia, India, China and South Africa.
- The term BRIC was coined in 2001 by British economist Jim O'Neill to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalized at the first BRIC Foreign Ministers' meeting in 2006.
- South Africa was invited to join BRIC in December 2010, after which the acronym BRICS was adopted.
- The BRICS group brings together five of the world's largest developing countries, representing 41% of the global population, 24% of global GDP, and 16% of global trade.
- The chairmanship of the forum is rotated among the members on an annual basis, using the acronym B-R-I-C-S.

Therefore, option (2) is the correct answer.

Subject: Economics | Miscellaneous(eco)

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