First BRICS Sherpas meeting of 2022- China chairs // Some Information about BRICS and China // 2022 Current Affairs //

 First BRICS Sherpas meeting of 2022- China chairs :

The first BRICS Sherpas meeting, 2022 held virtually on January 18-19, 2022. China has taken over as the BRICS chairman for this year replacing India. There is no voting process regarding chairman selection as this is a rotational term.

Ministry of External Affairs Spokesperson Arindam Bagchi said that everyone thanked India for its Chairmanship stint Program. Priorities and work that can be done to tackle the post-pandemic world were discussed during the meeting.

BRICS is a grouping of five major emerging economies formed in 2006. BRICS consists of Brazil, Russia, India, China and South Africa. Initially, it was started as BRIC, in 2010 South Africa Joined the grouping and it came to known as BRICS. BRICS have a combined GDP of $20 trillion, about one-fourth of the world's total Gross Domestic Product.

SPECIAL NOTES FOR ASPIRANTS:

• BRICS HQ- Shanghai, China

• China Currency- Renminbi (Yuan is the basic unit of Renminbi)

• China capital- Beijing. Largest City- Shanghai

• President of China- Xi Jinping

• New Development Bank (NDB) was established by BRICS.