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BRICS:
BRICS is an international political organisation of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2011, its five members are Brazil, Russia, India, China and South Africa.[2] With the possible exception of Russia, the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large economies and significant influence on regional and global affairs. As of 2011, the five BRICS countries represent roughly one-third of the world's total population, with a combined nominal GDP of US$13.6 trillion, and an estimated US$4 trillion in combined foreign reserves. History The foreign ministers of the four BRIC countries met in New York Cityin September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008. First summit The BRIC countries met in Yekaterinburg for their first official summiton 16 June 2009, with Luiz Incio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.[7] The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future.[6][7] There was furthermore discussion on ways thatdeveloping countries, such as the BRIC members, could become more involved in global affairs. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be 'diversified, stable and predictable'. Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar - something which Russia had attacked in the past - it still led to a fall in the value of the dollar against other major currencies. Entry of South Africa In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on December 24, 2010, after being formally invited by China and the other BRIC countries to join the group.[10] The group was renamed BRICS - with the "S" standing for South Africa - to reflect the group's expanded membership. In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member. The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.
Balance of payments:
Balance of payments (BOP) accounts are an accounting record of all monetary transactions between a country and the rest of the world. These transactions include payments for the country's exports and imports of goods, services, financial capital, and financial transfers. The BOP accounts summarize international transactions for a specific period, usually a year, and are prepared in a single currency, typically the domestic currency for the country concerned. Sources of funds for a nation, such as exports or the receipts of loans and investments, are recorded as positive or surplus items. Uses of funds, such as for imports or to invest in foreign countries, are recorded as negative or deficit items. When all components of the BOP accounts are included they must sum to zero with no overall surplus or deficit. For example, if a country is importing more than it exports, its trade balance will be in deficit, but the shortfall will have to be counter-balanced in other ways such as by funds earned from its foreign investments, by running down central bank reserves or by receiving loans from other countries. While the overall BOP accounts will always balance when all types of payments are included, imbalances are possible on individual elements of the BOP, such as the current account, the capital account excluding the central bank's reserve account, or the sum of the two. Imbalances in the latter sum can result in surplus countries accumulating wealth, while deficit nations become increasingly indebted. The term "balance of payments" often refers to this sum: a country's balance of payments is said to be in surplus (equivalently, the balance of payments is positive) by a certain amount if sources of funds (such as export goods sold and bonds sold) exceed uses of funds (such as paying for imported goods and paying for foreign bonds purchased) by that amount. There is said to be a balance of payments deficit (the balance of payments is said to be negative) if the former are less than the latter.
Intellectual Property Rights: Intellectual property (IP) is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognizedand the corresponding fields of law.[1]Under intellectual property law, owners are granted certain exclusive rights to a variety ofintangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions. Although many of the legal principles governing intellectual property have evolved over centuries, it was not until the 19th century that the term intellectual property began to be used, and not until the late 20th century that it became commonplace in the majority of the world.
Multilateral Agreements for Humanitarian Purposes Another purpose for multilateral agreements is to promote humanitarian standards. One example of a multilateral, multinational agreement for humanitarian purposes is the United Nations Millennium Declaration, which was drawn up in September 2000. The declaration states a general agreement among the countries signing it to uphold human dignity and equality and especially to guard the welfare of children. Multilateral vs Bilateral Agreements Multilateral agreements differ from bilateral agreements in that bilateral agreements occur between two parties only. In relationship to international affairs, bilateral agreements often take place between economic trading partners that depend on each other for much or all of the exchange of certain goods and/or services. Bilateral agreements and multilateral agreements can sometimes come into conflict with one another, especially when the terms of a multilateral agreement modify or nullify the terms of a longstanding bilateral agreement.