FORTUNE INSTITUTE OF INTERNATIONAL BUSINESS

SESSION (2018-20)

GLOBAL ECONOMIC

SUBMITTED TO: SUBMITTED BY:

MR. M.M HAQUE RADHIKA CHHABRA 102
MANISH KATARIA 80
SHIVIKA 116
RAVI PANWAR 108
 Executive Summary
As per the new transnational plan BRICS was established. The national trade union
member states have meticulously trailed the course of its progress in terms of conceivable
engrossment in its activities. BRICS trade unions reach agreement states that the structure
directs the conversion from a unipolar to a more impartial world. They further present
BRICS which itself position as a new model of global relations o'er the old East-West or
North-South barriers.
The motive of setting up BRICS Trade Union Forum acknowledged unequivocal provision
at the 2nd Congress of the International Trade Union Confederation (ITUC) in Vancouver
in 2010. Which progressed concluded as a series of conferences held during the merger of
the governing bodies of the ITUC and the ILO.
This toil resulted in the ratification of BRICS Trade Union Forum Declaration during the
High-Level Conference on Decent Work held in Moscow in December 2012 under the
auspices of the ILO (Declaration of BRICS Trade Union Forum, December 11, 2012).
The enclosure of operatives' senates in the official format of BRICS would offer
supplementary opportunity to hasten inclusive evolution of our countries. And to validate
worldwide that this Forum can convert a real counterbalance to the forces that now pursue
to decree the course of the world development.
BRICS Trade Union Forums are apprehended annually in the countries. Trade union
envois confer the drafts of BRICS documents including those of the intergovernmental
nature. Further articulate their position on the most significant issues of the joint agenda.
Assertions espoused at the Forums are then passed over to BRICS heads of state for the
operatives’ position to be taken account.
 INTRODUCTION
The sixth Summit of Heads of State and Government of BRICS (Brazil, Russia, India,
China, and South Africa), apprehended in Brazil. Which introduces the second cycle of
high-level meetings of this bloc of countries. Since it was occured in 2001, as a notion allied
to the financial market. By that time, it accentuated the mounting weight of the so-called
developing economies of the BRIC (then still without the presence of South Africa), a
sturdy procedure of harmonization between these countries was established. BRIC was
exclusively an economic, and not only the political group because of the prodigious
heterogeneity of its members.
The union of South Africa to the bloc in 2011 was the rotary point for the financial
market’s economically. South Africa’s adhesion gesticulated a strong political position
toward the formation of a new-fangled SouthSouth counter-power axis, enhancing the
BRICS political and geographic depiction before the other countries of the Global South,
as the BRICS recognized a much closer relation with the African Continent.
Russia stands out primarily for its energy, oil, and gas production.
Brazil, for the forte of its agriculture and natural resources
China for the supremacy of its industrial park and huge labor force;
India for the excellence on its IT and telecommunications services; and
South Africa for its mineral reserves.

Many analyst’s interpretation states that this diversity as a weakness. To hostage to such
analyses increasing intra-BRICS cooperation has become one of the bloc’s most
conspicuous features. In this regard, several negotiations are under way at different stages.
Among these four economic projects are well-intentioned of special consideration by the
workers:
1. In an early stage is discourse regarding risk assessment and insurance for complex
financing of infrastructure projects. Aiming at the formation of large-scale, intra-BRICS
guarantee schemes.
2. The BRICS countries ‘core revenue services’ exchange and assistance process, aimed at
fighting in contradiction of tax evasion, frauds, and other issues. Presently in the data
network-building stage.
3. To face persistent equilibrium of payments crises a Contingency Reserve Arrangement
is being introduced. Counter to the ongoing international crisis background, the BRICS
have decided to set in place a reserve collaboration scheme following the example set by the
Chiang Mai Model. While the countries will manage their own reserves, they also sign a
compulsory agreement whereby they are directed to lend reserves in case of economic
necessity to each other.
4. The major intervening intra-BRICS cooperation areas is the formation of a new
development bank. The concept is to attract funds from both developed and BRICS
countries to finance infrastructure and sustainability projects in developing countries.
THE BRICS COUNTRIES
 BRICS CHALLENGES
The operatives of the BRICS countries, through our national trade union centers, are
posed with at least four challenges in this process:
• To deepen mutual knowledge of our national realities, particularly regarding each
country’s labor movement’s challenges with a sight to sharing solidarity experiences and
push forward our common struggles.
• To work collected toward recognizing minimum labor relations norms for the five BRICS
countries (and for countries to obtain finance from the future BRICS BANK, for instance).
• To work toward broadcasting the best labor and social policy practices being instigated
by each one of these countries and benefit from this exchange. The BRICS and trade union
action Issues for conversation or the debate
• To obtain consistent scrutiny of the presence and operation of multinational companies
in each of the BRICS countries in order to evaluate whether if they are fulfilling with ILO’s
essential labor norms.

IMPORTANCE OF BRICS

 Enhance the technological data

exchange
 Improve the professionalism and
the education rate of the country.
 To attain regional development
 To eliminate trade barrier
 Building relationship and
sustaining on it
 Attain the comparative advantages
of these countries.
 Optimal utilization of resources
 The 10th BRICS Summit in Johannesburg: An
analysis
Source:
[ CITATION htt \l 1033 ]

The Ministerial Meetings that took place in year 2018

There are five key issues in the 10th BRICS Summit Johannesburg Declaration that
deserve special mention:
1) The BRICS seek to project stability and predictability in a rules-based order threatened by
US President Trump 
2) The BRICS grouping is about far more than the yearly presidential summits
 Meeting of BRICS Finance Deputies – 17 to 20 March (Buenos Aires)
 Meeting of the BRICS Finance Ministers and Central Bank Governors – 18 to 20
April (Washington, DC)
 Meeting of BRICS Finance Deputies – 18 to 20 April (Washington, DC)
 Meeting of the BRICS Ministers of Environmental Affairs – 18 May (Durban)
 Meeting of the BRICS Ministers of Foreign Affairs/International Relations – 4 June
(Pretoria)
 Meeting of BRICS Head of Revenue Authorities – 18 to 21 June 2018
(Johannesburg)
 8th Meeting of the BRICS Ministers of Agriculture and Agrarian Development – 19
to 22 June (Mpumalanga)
 8th Meeting of National Security Advisors - 28 to 29 June 2018 (Durban)
 BRICS Energy Ministers - 28 to 29 June (Gauteng)
 Meeting of BRICS Ministers of Disaster Management - 29 June to 1 July (East
London)
 6th Meeting of BRICS Ministers of Science, Technology and Innovation - 3 July
(Durban)
 3rd Meeting of BRICS Industry Ministers - 4 July (Gauteng)
 8th Meeting of BRICS Trade Ministers - 5 July (Magaliesburg)
 Meeting of BRICS Ministers of Education - 10 July (Cape Town)
 Meeting of BRICS Ministers of Finance and Central Bank Governors – 19 to 22
July (Argentina)
 8th Meeting of BRICS Ministers of Health - 20 July (Durban)
3) The Johannesburg Declaration points to broader cooperation in areas related to the
4th Industrial Revolution
The BRICS have oriented the so-called Partnership on New Industrial Revolution
(PartNIR) to confer the challenges and opportunities that will appear in the context
of robotics, artificial intelligence, blockchain, nanotechnology, quantum computing,
biotechnology.
4) Brazil gets a New Development Bank (NDB) regional office.
5) The grouping promises to do more to overcome intra-BRICS obstacles.

FUTURE PROSPECT OF BRICS

1. SUSTAINBLE SOLOUTION FOR INCLUSIVE GROWTH
 Augmentation multidimensional establishment.
 Mutual trade and investment.

2. Development Bank
 Lending for infrastructure projects.
 Aid to other small economies.

3. Reliant Reserve Arrangements

4. Export on the credit and assurance interventions
5. Trade in their currency.

Future Growth Expected

 Assumed that China could develop as immense as the US by 2027.
 India and Russia will discretely be larger than Spain, Canada or Italy by 2021.
 By 2025 BRICS will be over the size of G7.