In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China and it was founded in 2009 and South Africa joins in 2010 then it become BRICS.

Other Members

  • New Members: Egypt, Iran, Saudi Arabia, UAE, Ethiopia, Indonesia.
  • Partner Countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

Objectives

  • Promote peace, security, and development in member countries and globally.
  • Reform international financial and governance institutions (e.g., IMF, World Bank) to reflect emerging economies’ interests.
  • Enhance multilateral trade and investment, cooperation in various sectors (technology, finance, health).
  • Encourage people-to-people exchanges and cultural ties.

Key Initiatives

  • New Development Bank (NDB): Established in 2014 at the BRICS summit in Fortaleza, Brazil. Provides funding for infrastructure and sustainable development projects in BRICS and other emerging economies.
  • Contingent Reserve Arrangement (CRA): A framework to support members in case of short-term balance of payment pressures.
  • BRICS Business Council & Think Tank Council: Strengthens economic ties and policy coordination.
Facts:

  • The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
  • The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.

 

Source: The Hindu