Page 95 - LECTURETTE TOPICS eBOOK

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• In the SAARC summit, the head of states and governments form a body
of leaders, choose a vice chairman and chairman who conduct the
meeting.

• Reports and proposals are made during the meetings and at the end of
the meeting; the decisions are based on the agreement.
• The observer countries of SAARC are Australia, China, European Union,
Iran, Japan, Mauritius, Burma, South Korea and United States.
• The official language of SAARC meetings and association is English.
• According to the foreign trade policy, investors of BRICS enjoyed 52%
return compared to 16% return of the G7 investors.
• China has the highest increase in economy and also has contributed in
the global economy when compared to other BRICS nations.

Conclusion :The aim of BRICS is to build a strong partnership among these 5
economies for a bright and flourishing future. Although all the BRICs economies are
completely diverse from each other, the economies have come together for mutual
and global benefits. The potential of BRICS is expected to surpass the power of G7
by 2050, as per a report of Goldman Sachs. While Brazil, Russia and South Africa
are recovering from economic recession, India and China are growing at a lightning
speed in different sectors.

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