Consider the following statements with reference to BRICS 1 The New Development Bank NDB was establi...........

International Affairs Other Regional Groupings

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Consider the following statements with reference to BRICS:

1.The New Development Bank (NDB) was established in Fortaleza declaration.

2.The Xiamen Declaration proposed to create a new BRICS Credit rating Agency.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1 only

The New Development Bank (NDB) was established in the Fortaleza declaration: This statement is correct. The New Development Bank was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) in the Fortaleza Declaration, which was signed in 2014.

The Xiamen Declaration proposed to create a new BRICS Credit rating Agency: This statement is incorrect. The Xiamen Declaration, signed in 2017, did not propose the creation of a new BRICS credit rating agency.