Tag: What issue related to financial integration was highlighted in the 16th BRICS Summit?

1. Which countries were newly added to BRICS in January 2024? (A) Egypt, UAE, Saudi Arabia, and Ethiopia (B) Egypt, Ethiopia, Iran, and UAE (C) Saudi Arabia, Iran, UAE, and South Africa (D) Argentina, Egypt, UAE, and Brazil Correct Answer! Incorrect Answer! The correct answer is (B) BRICS expanded in January 2024 by including Egypt, Ethiopia, Iran, and the UAE as members. The 16th BRICS Summit, hosted by Russia in Kazan, has garnered attention as the emerging economies of Brazil, Russia, India, China, and South Africa came together to address global challenges and outline strategic goals for sustainable growth and fairer global governance. For India, the summit offered opportunities to strengthen South-South cooperation, address regional stability, and expand economic engagement with newly joined BRICS members including Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The theme for the 2024 BRICS Summit is "Enhancing Multilateralism for Equitable Global Growth and Security." This theme reflects the group's commitment to fostering a fair international order where all countries have a voice. 2. Which of the following African countries has become a new member of the New Development Bank? (A) Algeria (B) Ethiopia (C) Angola (D) Zimbabwe Correct Answer! Incorrect Answer! The correct answer is (A) Algeria In September 2024, Algeria joined the New Development Bank (NDB), a multilateral development bank founded in 2015 by the BRICS nations—Brazil, Russia, India, China, and South Africa. The NDB aims to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries. Other recent members of the NDB include: - Bangladesh: Joined in September 2021 - United Arab Emirates: Joined in October 2021 - Egypt: Joined in February 2023 The NDB's headquarters is located in Shanghai, China. 3. What issue related to financial integration was highlighted in the 16th BRICS Summit? (A) Promotion of crypto-currencies (B) Trade using local currencies (C) Dollar-only transactions (D) Taxation in member countries Correct Answer! Incorrect Answer! The correct answer is (B) Trade using local currencies The summit discussed trade in local currencies and proposed a BRICS alternative to SWIFT. 4. The Kazan Declaration condemned the impact of which of the following on the global economy? (A) Climate change (B) Unilateral sanctions (C) Global stock exchanges (D) Military spending Correct Answer! Incorrect Answer! The correct answer is (B) Unilateral sanctions The Kazan Declaration highlighted the adverse effects of unilateral sanctions on global trade and SDGs. 5. What conservation initiative did India introduce during the summit? (A) International Elephant Alliance (B) Global Fish Conservation Alliance (C) International Big Cats Alliance (D) Wildlife Preservation Group Correct Answer! Incorrect Answer! The correct answer is (C) International Big Cats Alliance India promoted the International Big Cats Alliance, aimed at preserving big cats. 6. The Line of Actual Control (LAC) between India and China primarily concerns disputes in which two specific areas? (A) Demchok and Aksai Chin (B) Ladakh and Siachen (C) Doklam and Chumbi Valley (D) Charding Nullah and Depsang Plains Correct Answer! Incorrect Answer! The correct answer is (D) Charding Nullah and Depsang Plains The LAC dispute primarily includes issues in the Charding Nullah and Depsang Plains, areas crucial in recent India-China dialogues. The Depsang Plains and Charding Nullah are located in Eastern Ladakh, near the Line of Control (LAC) between India and China. Depsang Plains:— Located in the north-western Aksai Chin, 30 km southeast of Daulat Beg Oldi. The plains are bordered by the Chip Chap River valley to the north, the Shyok River to the west, and the Lak Tsung range to the east. The flat terrain of the plains makes them strategic for military offensives. Charding Nullah:— Located in Demchok, near the confluence of the Charding Nullah and the Indus River. The Charding Nullah originates below the Charding La pass, which divides the Sutlej river basin from the Indus river basin. 7. What was a key goal of the Kazan Declaration at the 16th BRICS Summit? (A) Promoting global use of cryptocurrencies (B) Establishing a formal military alliance (C) Mediating global conflicts and supporting multilateralism (D) Expanding the BRICS coalition to G7 nations Correct Answer! Incorrect Answer! The correct answer is (C) Mediating global conflicts and supporting multilateralism The Kazan Declaration focused on promoting multilateralism, peaceful resolutions, and countering unilateral sanctions. Kazan Declaration 2024 The summit concluded with the adoption of the Kazan Declaration, which outlined BRICS' shared goals and reaffirmed their commitment to solidarity and strategic partnerships. The declaration emphasized: (1) Mutual Support:— Strengthening partnerships across economic, security, and social sectors to achieve collective resilience. (2) Sustainable Development Goals (SDGs):— Aligning BRICS initiatives with the United Nations' SDGs, particularly those related to poverty reduction, clean energy, and sustainable cities. Enhanced Role on the World Stage:— Reinforcing BRICS as a powerful coalition advocating for multipolarity in global governance, opposing unilateral policies, and promoting peace and stability worldwide. The Kazan Declaration reflects BRICS’ vision of a multipolar world order, where diverse voices are respected, and cooperation leads to collective progress. 8. The New Development Bank (NDB) was created as an alternative to which international financial institution? (A) International Monetary Fund (B) International Finance Corporation (C) Asian Development Bank (D) World Bank Correct Answer! Incorrect Answer! The correct answer is (D) World Bank The NDB, established by BRICS, aims to provide a financial alternative to the World Bank, supporting sustainable development in member nations. 9. Which of the following statements about the BRICS group is correct? (A) It was initially founded by Russia and South Africa. (B) It represents only Asian countries. (C) It includes countries from different continents. (D) Its primary goal is military cooperation. Correct Answer! Incorrect Answer! The correct answer is (C) It includes countries from different continents. BRICS is a grouping of major emerging economies from multiple continents, including Brazil, Russia, India, China, and South Africa. 10. Which of the following countries joined BRICS in 2011? (A) Brazil (B) India (C) Pakistan (D) South Africa Correct Answer! Incorrect Answer! The correct answer is (D) South Africa South Africa was invited to join the BRIC bloc on 24 December 2010 and on 14 April 2011,South African President Jacob Zuma attended the third BRICS Summit in Sanya, China. (Source:- SAG) 11. Which emerging economic group did Jim O’Neill originally identify in 2001? (A) SCO (B) BIMSTEC (C) SAARC (D) BRICS Correct Answer! Incorrect Answer! The correct answer is (D) BRICS British economist Jim O’Neill identified BRIC (later BRICS) to represent major emerging economies. -- You can add an image or table here --> In 2001, Jim O'Neill, the Chief Economist at Goldman Sachs, identified the BRICS countries as an emerging economic group: B: Brazil R: Russia I: India C: China O'Neill's 2001 study, Building Better Global Economic BRICs, predicted that these countries would dominate global growth by 2050. The BRICS countries' growth accounted for 65% of the world's GDP expansion between 2003 and 2007. After a series of high level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009. BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers' meeting in New York in September 2010. (Source:- brics2021.gov.in) The BRICS countries are a loose bloc of non-Western economies that coordinate their economic and diplomatic efforts. The group is not a formal organization. The BRICS countries' GDP is now greater than the GDP of the U.S. or the European Union in terms of purchasing power parity. In 2011, South Africa was added to the group, and the acronym was changed to BRICS. In 2023, six new countries were invited to join the BRICS group: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). 12. What does the new BRICS Partner Country category allow? (A) Member countries to withdraw at will (B) New countries to join as core members (C) Non-member nations to collaborate on select projects (D) Establishment of a parallel BRICS organization Correct Answer! Incorrect Answer! The correct answer is (C) Non-member nations to collaborate on select projects Non-member nations to collaborate on select projects Explanation: This category was created to engage countries outside the BRICS core in collaborative initiatives without full membership. 13. The International Big Cats Alliance by India aims to protect (A) All mammalian species (B) Large cat species (C) Wetland ecosystems (D) Endangered marine life Correct Answer! Incorrect Answer! The correct answer is (B) Large cat species India’s initiative focuses on conserving big cats like tigers, lions, and leopards across BRICS regions. 14. What role does BRICS play for India in terms of international alliances? (A) Aligning with Western powers (B) Promoting South-South cooperation (C) Exclusive trade with developed countries (D) Reducing diplomatic engagements Correct Answer! Incorrect Answer! The correct answer is (B) Promoting South-South cooperation India views BRICS as an avenue for strengthening alliances with other developing nations, enhancing its role in South-South cooperation. 15. Which year was the International Big Cat Alliance (IBCA) officially launched? (A) 2019 (B) 2023 (C) 2022 (D) 2024 Correct Answer! Incorrect Answer! The correct answer is (B) 2023 International Big Cat Alliance (IBCA) - - Initiative:- Multi-country and multi-agency alliance focusing on the conservation of big cats and their natural habitats. - Founded:- Conceptualized in 2019 by India’s Prime Minister and launched in April 2023, marking the 50th anniversary of India’s Project Tiger. - Membership:- Coalition of 96 countries that include both range countries (where big cats are naturally found) and non-range countries.