BRICS countries-Brazil, Russia, India, China, South Africa have agreed to work together to ensure stable employment and better quality of life for their people.
Decision in this regard was taken at the 2017 Labour and Employment Ministers’ meeting held in Chongqing, China. The meeting comes ahead of 2017 BRICS Summit to be held in Xiamen, China in September 2017.
Key Highlights of meeting
Labour and Employment Ministers from BRICS counters discussed topics ranging from skills-driven development to a universally sustainable social security system. They passed BRICS Labour and Employment Ministerial Declaration. It covers a variety of areas that are of critical importance to all BRICS countries including India and called upon strengthening collaboration and cooperation on these through appropriate institutionalisation.
These areas covered under the declaration consist of Governance in the Future of Work, Universal and sustainable social security systems, Skills for development in BRICS, BRICS Social Security Cooperation Framework, BRICS Network of Labour Research Institutions and BRICS entrepreneurship research.
They also presented four documents, including one on common ground in labour market governance and an action plan on skills-driven poverty alleviation. They also held that they should work together to boost employment and inclusive growth, enhancing the skills of professionals to alleviate poverty.
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The BRICS members are all developing or newly industrialised countries and all five are G-20 members. They are distinguished by their large, fast-growing economies and significant influence on regional and global affairs.
It was established in 2009. The BRIC idea was first conceived by Jim O’Neill of Goldman Sachs. In 2011, South Africa joined this informal group and BRIC became BRICS. So far, eight BRICS summits have taken place. The first formal summit was held in Yekaterinburg, Russia in 2009.