Where was the Last BRICS Summit Held- A Look Back at the Venue and Its Significance
Where was the last BRICS summit held? The most recent BRICS summit took place in September 2022 in Johannesburg, South Africa. This annual gathering of the five major emerging economies – Brazil, Russia, India, China, and South Africa – serves as a platform for discussing economic cooperation, global political issues, and other important matters affecting the international community.
The Johannesburg summit was particularly significant as it marked the 15th anniversary of the BRICS grouping. The meeting was attended by leaders from all five member countries, who engaged in discussions on a wide range of topics, including trade, investment, infrastructure development, and the global financial system.
During the summit, the leaders emphasized the importance of strengthening economic cooperation among the BRICS nations. They agreed to enhance trade and investment flows, promote the development of regional infrastructure projects, and work together to address global challenges such as climate change and inequality.
One of the key outcomes of the Johannesburg summit was the establishment of the New Development Bank (NDB), which was initially proposed during the 2014 BRICS summit in Fortaleza, Brazil. The NDB aims to provide financial resources for infrastructure and sustainable development projects in the BRICS countries and other emerging economies.
Another important decision made at the summit was the expansion of the BRICS currency reserve arrangement. This arrangement, which was initially launched in 2014, allows the member countries to swap their national currencies in times of financial need. The expansion of the arrangement is expected to enhance the stability of the global financial system and reduce the dependence on the US dollar.
The Johannesburg summit also witnessed the signing of several memoranda of understanding (MoUs) and agreements aimed at fostering cooperation in various sectors. These included MoUs on cooperation in the field of digital economy, financial services, and health, as well as agreements on the establishment of a BRICS think tank and a BRICS media forum.
In conclusion, the Johannesburg summit was a crucial event for the BRICS nations, providing an opportunity to strengthen economic ties and address global challenges. The summit’s outcomes demonstrated the commitment of the member countries to work together for the benefit of their citizens and the international community. As the BRICS continue to grow in influence, future summits are expected to yield even more significant achievements.
