BRICS CONTRIES: A group of emerging economies

BRICS COUNTRIES

BRICS is a group of emerging economies which includes Brazil, Russia, India, China, South Africa. (BRICS) is headquartered in Shanghai, China. Its main objectives are to cooperate between member nations for development, provide financial assistance to them, support various projects, promote infrastructure etc.

history of BRICS

 The term "BRIC" was written in 2001 by Jim O'Neill, then chairman of Goldman Sachs Asset Management, in his publication Building Better Global Economic BRICs. But, it really"Roopa Purushothaman" was written by the Research Assistant in the original report. The Foreign Ministers of the initial 4 BRIC countries (Brazil, Russia, India and China) met in New York City in September 2006.

 

South Africa was not in the BRIC. In this, the argument was that the economy of South Africa was very small compared to Brazil, Russia, Russia and India.

The invitation to South Africa in 2010 was a demonstration of confidence in Africa's largest economy, and a sense of the importance of this African country not only in Africa but on the global stage. This was a strategic move by the BRIC bloc, further adding to its global political and economic impact by joining the South African group.

 

These five BRICS countries account for 40 percent of the world's population, and as of this year, their combined GDP is $ 18.6 trillion, which is about 23.2% of the gross world product.

 

 Brics can play a role in strengthening the global economy, remodeling international economic systems.

Brazil, Russia, India, China and South Africa (collectively the BRICS countries) make up over 40% of the global population. Brics is emerging as a new center of gravity in the international economic system.

BRICS' share in world trade has nearly tripled in the last 20 years.

The contribution of BRICS to global economic growth by 2030 is expected to be greater when the rate of investment within BRICS countries increases.

The contribution of BRICS in reducing world poverty is huge. Continuous BRICS growth is critical for poverty reduction as well as for reducing international disparities.

The BRICS Forum was formed in 2011, an independent international organization to encourage commercial, political, and cultural cooperation between BRICS countries.  

At the end of March 2013, during the fifth BRICS summit in Durban, South Africa, the member states agreed to create a global financial institution aimed at competing with the Western-dominated IMF and World Bank. After the summit, BRICS said that they planned to finalize the arrangements of this New Development Bank by 2014.

 

NBD 

New Development Bank (NDB) is located in Shanghai. New Development Bank (NDB), formerly known as BRICS Development Bank, is a multilateral development bank run by BRICS desho. 

 

The Fourth BRICS Summit in New Delhi (2012) considered the possibility of establishing a new development bank for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.

During the sixth BRICS summit at Fortaleza (2014), leaders signed an agreement to set up the New Development Bank (NDB).

There will be an African Headquarters of the "New Development Bank Africa Regional Center" in South Africa.

The bank will have a starting capital of $50 billion, over time this capital will increase to $100 billion. Brazil, Russia, India, China and South Africa will initially contribute $10 billion to bring the total to $50 billion.

 

 

Brics summit

The BRIC Group has been organizing the annual summit since 2009.

India has hosted the BRICS Summit 2 times; The first in 2012 and the second in 2016,

The first BRIC summit took place in the Russian Federation in 2009 and was focused on issues such as improving global financial architecture.

In December 2010, South Africa was invited to join the BRIC, after which the group adopted the acronym BRICS. The next BRICS Summit, the 11th BRICS Summit (Brazil, Russia, India, China and South Africa) will be held on 13–14 November in the city of Brasília.

BRICS has emerged as the voice of developing countries. These countries face an aggressive club of developed (Developed) countries. New Delhi believes that the rights of developing countries are to be protected by BRICS, and that 5 BRICS countries are also members of the G-20.

 

 

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