BRICS

BRICS

BRICS is an international grouping of five major emerging economies: Brazil, Russia, India, China, and South Africa. Term coined by British economist Jim O’Neill (2001)

brics

Members

  • Initial members: Brazil, Russia, India and China (2006)
  • 2010: South Africa joined. BRIC became BRICS
  • 2024: 5 new members namely Egypt, Ethiopia, Indonesia, Iran & UAE
  • New name: BRICS +

Objectives

  • Promote peace, development, and cooperation among member countries.
  • Reform global financial and political institutions (like the UN, IMF, and World Bank) to better represent developing nations.
  • Strengthen economic ties and people-to-people contact.

Important facts

  1. BRICS considered as counter-part and alternative to G7
  2. BRICS + : 46% of world population
  3. BRICS+ : 25% of world landmass
  4. BRICS+ : total GDP of 28 trillion $
  5. BRICS+ : contributes over 36% of global GDP
  6. BRICS+ : oil production is almost 30% of global output
  7. BRICS+ : contributes 45% of global agricultural products
  8. Initial 5 members are part of G-20
  9. Summits: 2023: SA, 2024: Russian, 2025: Brazil

Major Initiatives

  1. New Development Bank: With corpus of 100Billion $, aimed to fund development projects
  2. Annual Statistical Report: to put statistical production in perspective
  3. BRICS Contingent Reserve Arrangement: framework to protect against global liquidity pressure
  4. Progress in the field of BRICS payment system and communication system.

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