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India holds the BRICS Chairship for 2026, its fourth after 2012, 2016 and 2021, and hosts the 18th BRICS Summit in New Delhi on 12-13 September 2026.
The Chairship theme is 'Building for Resilience, Innovation, Cooperation and Sustainability', with the Global South's priorities at its centre.
BRICS now has 11 full members accounting for 49.5% of world population, 40% of global GDP and 26% of global trade.
More than 350 meetings across 25 cities were held during India's Chairship, producing outcomes in agriculture, health, energy, MSMEs and logistics.
A Partner Country category created alongside the 2024-25 expansion drew ten countries in 2025 without altering full membership.
BRICS-founded multilateral development bank; began operations on 21 July 2015 with an authorised capital of USD 100 billion. Its first loans, rolled out around India's 2016 Goa Chairship, went largely to renewable energy projects.
A USD 100 billion currency-swap pool providing short-term liquidity and precautionary support against balance-of-payments pressure. Its foundation was laid at India's 2012 Delhi Summit and the treaty establishing it was signed at Fortaleza, Brazil, on 15 July 2014.
| Aspect | New Development Bank | Contingent Reserve Arrangement |
|---|---|---|
| What it is | A multilateral development bank that lends for projects | A treaty-based currency-swap pool, not a bank |
| Purpose | Infrastructure and sustainable development finance | Short-term balance-of-payments and liquidity support |
| Size | Authorised capital of USD 100 billion | Committed pool of USD 100 billion |
| Origin | Agreed at Fortaleza in 2014; operations began 21 July 2015 | Treaty signed at Fortaleza on 15 July 2014 |
| Seat | Shanghai | Operated through member central banks |
Goldman Sachs coins 'BRIC' in its Global Economics Paper
BRIC formally established as a political cooperation forum
First BRIC Summit at Yekaterinburg, Russia
South Africa admitted; BRIC becomes BRICS
4th Summit, New Delhi: Delhi Declaration, Master Agreement on local-currency credit, groundwork for the CRA
CRA treaty signed at Fortaleza, Brazil
New Development Bank begins operations at Shanghai
8th Summit, Goa: NDB's first loans, BIMSTEC Outreach Summit, stronger counter-terrorism and FATF language
13th Summit hosted virtually by India; BRICS Vaccine R&D Centre launched
16th Summit at Kazan adopts the Kazan Declaration, which welcomes a BRICS grain (commodities) trading platform
Five new members join, then Indonesia as the eleventh
18th Summit, New Delhi, under India's fourth Chairship
Joint research and capacity building on natural, organic and regenerative farming for climate-resilient agriculture.
Key: Initially coordinated by ICAR-Indian Institute of Farming Systems Research, Modipuram.
Scale AI-driven decision support, geospatial intelligence and IoT monitoring in agriculture.
Key: Initially coordinated by IIT Delhi.
Voluntary, farmer-centric cooperation on seeds, germplasm and agricultural inputs.
Key: Stands for Agro-Inputs, Genetic Resources and Information Network.
Coordinated preventive action on obesity and other non-communicable diseases.
Key: Launched with a BRICS Roadmap for a Joint Initiative on Healthy Lifestyle Promotion (2026-2029); a mental-health Training Hub Network is coordinated by NIMHANS, India.
Share policy and regulatory practice and promote pilots in grid modernisation and storage.
Key: Launched alongside BRICS Guiding Principles on Energy Storage and Smart Grids.
Voluntary cooperation on social security, women's workforce participation, skills and digital public infrastructure.
Key: Builds on the BRICS Virtual Liaison Office; non-binding.
Make global value chains among members more resilient and diversified.
Key: Supported by a Technical Council and a joint study; members also gave in-principle approval to an Agreement on Mutual Administrative Assistance in Customs Matters.
Improve MSME access to markets and finance and catalyse early and growth-stage startup funding.
Key: Accompanied by a BRICS Incubator Network linking national nodal agencies and incubators.
The 2008 crisis pushed the BRIC four to demand greater voice for emerging economies in the Bretton Woods institutions, which remains a standing BRICS position.
India used the 2016 Goa Summit to hold a BIMSTEC Outreach Summit, linking BRICS to the Bay of Bengal region.
India secured stronger BRICS language on terrorism financing and adherence to Financial Action Task Force standards at Goa in 2016.
GS Paper 2 > International Relations > Groupings and Agreements involving India
General Awareness > International Organisations
General Awareness > International Financial Institutions
The Fortaleza Declaration', recently in the news, is related to the affairs of
Answer: BRICS
Consider the following statements: 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?
Answer: 2 only
With reference to a grouping of countries known as BRICS, consider the following statements: 1. The First Summit of BRICS was held in Rio de Janeiro in 2009. 2. South Africa was the last to join the BRICS grouping. Which of the statements given above is/are correct?
Answer: 2 only
Consider the following statements with regard to BRICS: I. 16th Summit... Russia... II. Indonesia has become a full member... III. Theme... Which of the statements given above is/are correct?
Answer: I and III
BRICS institutions have been asked in UPSC Prelims in 2015 (Fortaleza Declaration) and 2016 (New Development Bank).
A USD 100 billion BRICS currency-swap pool for short-term balance-of-payments support, established by a treaty signed at Fortaleza on 15 July 2014.
A BRICS engagement category created alongside the recent expansion; ten countries joined in 2025 without becoming full members.
The outcome document of the 16th BRICS Summit held at Kazan, Russia, in October 2024, which welcomed the creation of a BRICS grain (commodities) trading platform.
Agro-Inputs, Genetic Resources and Information Network, a voluntary farmer-centric cooperation framework agreed during India's 2026 Chairship.