The 'Fortaleza Declaration', recently in the news, is related to the a

The ‘Fortaleza Declaration’, recently in the news, is related to the affairs of

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UPSC IAS – 2015

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The ‘Fortaleza Declaration’ is related to the affairs of the BRICS group of countries.

The Fortaleza Declaration was the outcome document of the 6th BRICS summit held in Fortaleza, Brazil, in July 2014. A key achievement of this summit, as articulated in the Declaration, was the decision to establish the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).

BRICS is an acronym for the association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The Fortaleza summit marked a significant step in strengthening institutional cooperation among BRICS members.

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