The Union Cabinet was apprised of the BRICS memorandum of understanding on cooperation in the fields of science, technology and innovation signed last year. India had signed the BRICS MoU last March at Brasilia in Brazil on the sidelines of 3rd BRICS STI Ministerial meeting. The MoU envisages promotion of cooperation in these fields among BRICS countries by means of mutually agreed science and technology events and activities.

What are the Objectives?

The objectives of the MoU are to establish a strategic framework of cooperation in science, technology and innovation to address the common global, and regional socio-economic challenges utilising shared experiences among the BRICS countries; co-generate new knowledge and innovative products, services and processes.

Did You Know???

• BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, Chinaand South Africa.
• The grouping was originally known as “BRIC” before the inclusion of South Africa in 2010.
• Since 2009, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and hosted the group’s seventh summit in July 2015.
• The five nations have a combined nominal GDP of US$16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$4 trillion in combined foreign reserves.
• India will host the 2016 BRICS Summit in New Delhi.