Page 6 - Brics

Xi to attend BRICS virtual summit on Palestinian-Israel issue: China

Chinese President Xi Jinping will attend the BRICS extraordinary virtual summit on Tuesday on the Hamas-Israel conflict, the Chinese Foreign Ministry announced here on Monday. Earlier, South African President Cyril Ramaphosa, the current chair of the BRICS group, convened a virtual summit of the BRICS group of nations on the Middle East situation in Gaza for Tuesday, the South African Foreign Ministry announced. At the invitation of South African President Cyril Ramaphosa, Chinese President Xi will attend the BRICS extraordinary virtual summit on the Palestinian-Israel issue and deliver important remarks in Beijing, Chinese Foreign Ministry Spokesperson Hua Chunying announced Monday. President Ramaphosa will deliver opening remarks at the meeting, where members and invited states will also deliver country statements on the current humanitarian crisis in Gaza, the South African Foreign Ministry announced. BRICS countries include Brazil, Russia, India, China and South Africa. United

Brics Summit hosting costs huge, but benefits ours: South Africa govt

The cost of hosting the 15th BRICS Summit was fully justified as it brought to the country great economic benefits, the government said in a statement on Thursday. The South African government spent over R104 million, or about 48 million US dollars, in hosting the summit this year in July. The Department of International Relations and Cooperation (DIRCO) in a statement on Thursday made the remark in reaction to the opposition Democratic Alliance claiming that the expenditure on BRICS could have been better spent on addressing the crippling cost of living crisis that South Africans are currently battling. DA MP Emma Louise Powell, who described the amount as "staggering," said it got even worse when it included an additional R75 million about 4 million US dollars spent by the South African Police Service (SAPS) on protecting attendees at the summit, despite most international delegations being accompanied by their respective national security agencies. "We now know that between SA

FM Sitharaman meets Brazil's minister, discusses issues of mutual interest

The minister met with Brazil's economy minister Haddad Fernando on the sidelines of the fourth G20 Finance Ministers and Central Bank Governors meeting

Striking right balance for sustainability, competition crucial: NCLAT chair

He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in Delhi

13 states report higher inflation numbers; rising trend among BRICS peers

Overall inflation in India rose 5.02 per cent for the month of September

Nations must share experience in keeping digital markets free: CCI chief

Rapidly evolving markets and technology have created fresh challenges and new dimensions in competition law and policy

Nations must share experience in keeping digital markets free: CCI chief

Evolving markets and technology create fresh challenges in competition law and policy, says Ravneet Kaur

NCLAT chairman calls for developing mechanism to regulate digital markets

Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, NCLAT Chairperson Ashok Bhushan said on Thursday. Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets. He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital. Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies, he said. Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges. More than 600 delegates are expected to participate in the conference that concludes on Friday. Last time, this conference happened in India in 2013. Accor

CCI's Leniency Plus norms soon to push companies to report cartels

The CCI is also planning to launch a study into the Artificial Intelligence market to check if there are possibilities of anti-competitive practices and how they can be addressed

India to host Brics international competition conference in Delhi this week

India will host the eighth BRICS International Competition Conference in the national capital this week and more than 600 delegates are expected to participate in the event. Briefing reporters here, Competition Commission of India (CCI) Chairperson Ravneet Kaur on Tuesday said the conference will have three plenary and four breakout sessions. The primary objective of the conference is to foster cooperation and share the learnings. More than 600 delegates are expected to participate in the conference, Kaur said. She also said the competition landscape has evolved with the digital economy and big tech companies.

India has always backed perspectives of developing nations: RS Dy Chairman

He also added that trade relations between India and Africa have strengthened over the past few years

BRICS foreign ministers call for UN reform, loss and damage fund

BRICS Foreign Ministers said in a joint statement after meeting on the sidelines of the United Nations General Assembly. External Affairs Minister S Jaishankar had joined the meet virtually

Brics condemn terrorism in all forms; commend India's G20 presidency

The Ministers expressed their firm view that the G20 should continue to function in a productive manner and also commended the successful hosting of the 18th G20 Summit in New Delhi

India has lowest share of women working among G20 countries, shows data

Trend has only worsened in recent years

Why India should remain in the BRICS

We should be able to discourage half-baked ideas like the BRICS currency or letting the grouping be hijacked to promote the Chinese yuan at the expense of the US dollar

New Delhi G20 summit has changed the nature and scope of global dialogue

The common concern of nations is international fairness and justice, with Bharat playing a bridging role

India should quit the Brics

Arvind Subramanian is a senior fellow at the Peterson Institute for International Economics. Josh Felman is a principal at JH Consulting

Brics enlargement in hope of getting heard

The Brics leaders opposed trade barriers, including those under the pretext of tackling climate change, imposed by certain developed countries and reiterated their commitment to enhancing coordination

Six new members' combined share of Brics GDP to be just 11%: Report

GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five-member BRICS, or Brazil, Russia, India, China and South Africa, will also see the grouping's share in the global GDP rising to 30 per cent from 26 per cent now and that of the population to 46 per cent, according to an analysis by the SBI Research. The expansion decision, effective January 1, 2024, was announced at the recent BRICS summit held in Johannesburg. Currently China contributes 70 per cent of the BRICS' GDP, which will decline to 62 per cent, while India chips in with 13 per cent now that will inch down to 12 per cent. Russia contributes 8 per cent, Brazil is at 7 per cent and South Africa contributes a paltry 2 per cent, giving combined 26 per

Brics+6 to control 30% of global GDP, 46% population: Research paper

The addition of six new members to the BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members -- Brazil, Russia, India, China and South Africa -- decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member. Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP. But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent, Soumya Kanti Ghosh, the Chief Economic Adviser to State Bank of