**Title:** Modi Attends BRICS Summit in Brazil: A Historical Overview
**Meta Description:** Prime Minister Modi arrives in Brazil for the BRICS Summit, reflecting on the group’s formation and India’s pivotal role in its development.
**URL Slug:** modi-brics-summit-brazil
**Headline:** Prime Minister Modi Arrives in Brazil for the 17th BRICS Summit: A Look Back at the Group’s Formation
Prime Minister Narendra Modi has arrived in Brazil to participate in the 17th BRICS Summit, following visits to Ghana, Trinidad and Tobago, and Argentina. The summit, taking place in Rio de Janeiro, marks a significant moment for the BRICS nations—Brazil, Russia, India, China, and South Africa—now expanded to include additional members such as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
The Congress party has highlighted the historical context surrounding the formation of BRICS, recalling the pivotal moments that led to its establishment. In 1998, Russian Prime Minister Yevgeny Primakov proposed a trilateral forum known as RIC (Russia, India, and China) to promote multipolarity in global affairs during a time when the United States was dominant. This idea laid the groundwork for future collaborations among these nations.
In November 2001, Jim O’Neill and his team at Goldman Sachs published a report titled “Building Better Global Economic BRICs,” identifying Brazil, Russia, India, and China as emerging economic powerhouses. This report remains relevant and insightful today.
The formalization of BRIC occurred during the G8 Summit in St. Petersburg in July 2006, where the leaders of Russia, China, Brazil, and India agreed to establish the group. The inaugural BRIC summit took place in June 2009 in Russia, attended by then-Prime Minister Manmohan Singh. South Africa joined the group in 2010, transforming BRIC into BRICS.
India hosted its first BRICS Summit in March 2012, where Dr. Singh proposed the creation of a BRICS Development Bank. This initiative culminated in the establishment of the New Development Bank, headquartered in Shanghai, with Indian banker K.V. Kamath as its first president. To date, India has secured approximately USD 8 billion from the bank for various infrastructure projects, including urban transport and renewable energy.
As Prime Minister Modi embarks on this four-day visit, he will engage in discussions at the summit and undertake a state visit, further solidifying India’s role in the BRICS framework. Upon his arrival at Galeao International Airport, he received a ceremonial welcome, marking the fourth leg of his five-nation tour.
In conclusion, the BRICS Summit in Brazil not only highlights the current dynamics among member nations but also serves as a reminder of the historical milestones that have shaped this influential group. As BRICS continues to evolve, its impact on global economic and political landscapes remains significant.
**FAQ Section:**
**What is the significance of the BRICS Summit?**
The BRICS Summit serves as a platform for member countries to discuss and collaborate on economic, political, and social issues, promoting cooperation and development among emerging economies.
