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Consider the following statements regarding BRICS

BRICS headquarter is in Beijing, China.
Fortaleza Declaration created New development Bank (NDB) & Contingent Reserve Arrangement (CRA).
In NDB, each participant country will be assigned one vote, and none of the countries will have veto power.

Select the correct statement.

1&2 only

2&3 only

1&3 only

All of the above

Explanation:

BRICS headquartered in Shanghai, China: To consider the increasing instances of global financial crisis, BRICS nations signed BRICS Contingent Reserve Arrangement (CRA) in 2014 as part of Fortaleza Declaration at Sixth BRICS summit.

Also, Agreement for establishing the New Development Bank (NDB) with 100 billion US dollars have signed under this declaration. Objective is to have equal distribution from all the BRICS countries for mobilizing resources for infrastructure and sustainable development projects
Each participant country will be assigned one vote, and none of the countries will have veto power. This is opposite to World Bank, which assigns votes based on the capital share

Hence both statements 2&3 are correct.

By: Shubham Tiwari

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