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Q61 (CDS-I/2015) International Relations & Global Affairs › International Organisations & Groupings › Intergovernmental groupings Answer Verified

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

Result
Your answer: —  ·  Correct: A
Explanation

The fifth BRICS summit held in Durban in 2013 (eThekwini Declaration) was a landmark event for institutionalizing the group. During this summit, leaders formally agreed that the establishment of a New Development Bank (NDB) was feasible and viable. They also tasked finance ministers to finalize the Contingent Reserve Arrangement (CRA) as a financial safety net. Additionally, the BRICS Business Council and the BRICS Think Tank Council were officially established to strengthen intra-BRICS cooperation. However, the signing of the agreements on 'Extending Credit Facility in Local Currencies' and the 'Multilateral Letter of Credit Confirmation Facility' actually occurred earlier at the fourth BRICS summit held in New Delhi in 2012. While Durban saw the signing of two new agreements related to green economy and infrastructure financing, the specific interbank mechanisms mentioned in Option 1 were outcomes of the Delhi Summit.

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SIMILAR QUESTIONS

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Consider the following statements : 1. The Fifth Summit of BRICS (2013) was held in Durban. 2. Dr. Manmohan Singh became the only head of States or head of Government to attend all BRICS Summits held so far. 3. The theme of Fifth Summit of BRICS was “BRICS and Africa : Partnership for Develop- ment, Integration and Indus- trialization”. Which of the statements given above is/are correct?

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