Which one among the following was not an outcome of the fifth BRICS summit held in Durban in South Africa in March 2013 ?

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Q: 61 (CDS-I/2015)

Which one among the following was not an outcome of the fifth BRICS summit held in Durban in South Africa in March 2013 ?

question_subject: 

General Knowledge

question_exam: 

CDS-I

stats: 

0,17,27,17,13,6,8

keywords: 

{'brics business council': [0, 0, 0, 1], 'fifth brics summit': [0, 0, 0, 1], 'brics countries': [0, 0, 0, 3], 'brics': [0, 0, 0, 2], 'durban': [1, 0, 1, 0], 'brics think tank council': [0, 0, 0, 1], 'credit confirmation facility': [0, 0, 0, 1], 'brics multilateral letter': [0, 0, 0, 1], 'credit facility': [0, 0, 0, 2], 'contingent reserve arrangement': [0, 0, 0, 1], 'new development bank': [0, 0, 0, 1], 'south africa': [16, 2, 21, 32], 'cra': [0, 0, 0, 1], 'agreements': [0, 0, 1, 5], 'local currencies': [0, 1, 0, 1], 'establishment': [2, 0, 5, 7]}

The correct answer is option 1. It states that signing of two agreements on Extending Credit Facility in Local Currencies and BRICS Multilateral Letter of Credit Confirmation Facility was not an outcome of the fifth BRICS summit held in Durban in South Africa in March 2013.

Option 2 states that the proclamation of the establishment of the BRICS-led New Development Bank was an outcome of the summit. This initiative aims to mobilize resources for infrastructure and sustainable development projects in BRICS nations and other developing countries.

Option 3 states that the summit resulted in the creation of a safety net through a Contingent Reserve Arrangement (CRA) among BRICS countries. This arrangement aims to provide financial support and stability to member countries in times of economic crises.

Option 4 states that the summit led to the setting up of the BRICS Business Council and BRICS Think Tank Council. The BRICS Business Council aims to promote economic cooperation and trade among member countries, while the BRICS Think Tank Council focuses on research and policy recommendations for the BRICS economies.

Therefore, the correct answer is option 1, as the signing of two agreements on credit facilities was not an outcome of the fifth BRICS summit in 2013.

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