The sixth BRICS summit was the sixth annual diplomatic gathering of major emerging countries Brazil, Russia, India, China, and South Africa. The presidents signed the Agreement establishing the New Development Bank during the Sixth BRICS Summit in Fortaleza, Brazil, in 2014. (NDB).
Features of the Fortaleza Declaration
The NDB will boost BRICS cooperation and augment the efforts of international and regional financial institutions for global development,
Fortaleza Declaration contains information about, contributing to sustainable and balanced growth.
The Fortaleza Declaration contains the group's opinions on issues on the international agenda as well as BRICS cooperation.
The Fortaleza Declaration was part of the 6th BRICS Summit, which saw the New Development Bank officially inaugurated.
Key Facts about Fortaleza Declaration BRICS Summit
BRICS is an acronym for Brazil, Russia, India, China, and South Africa, which are five important emerging economies.
BRICS was founded in September 2006 at the United Nations General Assembly by four countries: Brazil, Russia, India, and China, all of which are expected to become superpowers by 2050. After the 1st BRIC formal meeting in Yekaterinburg on June 16, 2009, Brazil, Russia, India, and China, abbreviated as BRIC, were formed. Jim O'Neil is an American actor.
BRICS' major goal is to foster peace, security, development, and collaboration among the BRICS countries.
On September 9, 2021, Prime Minister Narendra Modi hosted the 13th BRICS Summit virtually in India. BRICS15: Intra-BRICS Cooperation for Continuity, Consolidation, and Consensus was the theme for BRICS India 2021.
New Development Bank (NDB)
The National Development Bank (NDB) was suggested at the 4th BRICS Summit (2012) to support the BRICS association for long-term project and infrastructure development, as well as assisting other rising economies and underdeveloped countries. It became live on February 27, 2016, with headquarters in Shanghai, China.
Objectives of BRICS for India
From the beginning, India has been an active member of this organisation. It is in India's national interest to maintain the economic growth that benefits its citizens in terms of job creation, GDP growth, and poverty alleviation.
This forum acts as a backup worldwide mechanism for fostering economic and social growth, especially when international institutions and order are under strain (US actions on the economic front, climate change, geopolitical uncertainties around the world).
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India intends to use this platform to deepen ties with Africa and South America, which have previously been disregarded due to the tyranny of distance.
The declaration led to the formation of the NDP bank contains information about, contributing to sustainable and balanced growth and the group's opinions on issues on the international agenda as well as BRICS cooperation.
FAQs on Fortaleza Declaration
Q1. Why was the declaration called Fortaleza Declaration?
The declaration was held in Fortaleza, Brazil, in 2014 hence called the Fortaleza Declaration.
Q2. What does Fortaleza Declaration discuss?
The Fortaleza Declaration contains information about, contributing to sustainable and balanced growth and the group's opinions on issues on the international agenda as well as BRICS cooperation.
Q3. In the context of the Fortaleza Declaration, what exactly is the New Development Bank (NDP)?
The bank was set up by BRICS it will raise funds for infrastructure and sustainable development projects in the BRICS and other emerging economies and underdeveloped nations, in addition to international and regional financial institutions' existing efforts to promote global growth and development, In the context of the Fortaleza Declaration.
Q4. With regards to the Fortaleza Declaration, which nations have recently joined the NDB bank?
Bangladesh, the United Arab Emirates (UAE), and Uruguay, in addition to the BRICS countries, have joined the NDB bank as new members, With regard to the Fortaleza Declaration.