BRICS & G-8

BRICS is the title of an association of emerging national economies: Brazil, Russia, India, China and South Africa. As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$14.9 trillion, and an estimated US$4 trillion in combined foreign reserves. Presently, South Africa holds the chair of the BRICS group.

The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of high-level meetings. First Summit of BRIC countries took place in Yekaterinburg on June 16, 2009, The summits focused on means of improving the global economic situation and reforming financial institutions. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be �diversified, stable and predictable�. In 2010, South Africa joined the BRIC group. The group was renamed BRICS � with the �S� standing for South Africa. In 2012, the BRICS nations pledged $75 billion to boost the International Monetary Fund�s lending power.

The 2017 BRICS summit was held in Xiamen, China.

Group of Eight (G8)

The Group of Eight (G8) is a forum for the governments of the world�s eight wealthiest countries. The forum or ignited with a 1975 summit hosted by France that brought together representatives of six governments: France, Germany, Italy, Japan, the United Kingdom, and the United States, thus leading to the name Group of Six or G6. The summit became known as the Group of Seven or G7 the following year with the addition of Canada. In 1997, Russia was added to the group which then became known as the G8. The European Union is represented within the G8 but cannot host or chair summits.

Collectively, the G8 nations comprise 51.0% of 2011 global nominal GDP and 42.5% of global GDP (PPP). e G7/8 Summit has consistently dealt with macroeconomic management, international trade, and relations with developing countries. Questions of East-West economic relations, energy, and terrorism have also been of recurrent concern. On May 18-19, 2012, the leaders of Britain, Canada, France, Germany, Italy, Japan, Russia, and the EU joined President Obama at Camp David for the annual G8 Summit. The leaders met to address major global economic, political, and security challenges, including energy and climate change, food security and nutrition, Afghanistan�s economic transition and transitions taking place across the Middle East and North Africa.

At the Camp David Summit, G-8 Leaders recognized that the development of and universal access to environmentally safe, sustainable, secure, and affordable sources of energy is essential to global economic growth and to their overall efforts to address climate change. President Obama and G8 leaders announced a new alliance on food security with African leaders and the private sector as part of an effort to li50 million people out of poverty over the next decade. G-8 Leaders also recognized the important progress that has been achieved in a number of countries undergoing transition and committed to maintaining their support for these transitions in four key priority areas: stabilization, job creation, participation/governance, and integration.

Written by princy

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