BRICS is an acronym for an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. It was originally conceived as BRIC in 2006, with South Africa joining in 2010. The BRICS nations are characterised by their significant influence on global affairs, particularly in areas of economic growth, development, and geopolitical influence. The group represents about 42% of the world’s population, 23% of global GDP, and 16% of global trade.
Objectives of BRICS:
- Promoting Economic Growth: To foster sustainable development and economic cooperation among member countries, advocating for an inclusive global economic order.
- Reforming Global Governance: Aimed at reforming institutions like the UN Security Council, IMF, and World Bank to reflect the changing global economic landscape.
- Strengthening South-South Cooperation: Enhancing collaboration among developing countries and addressing global issues such as poverty, climate change, and inequality.
Activities of BRICS:
- Annual Summits: The leaders meet annually to discuss key issues affecting member states and the global economy.
- New Development Bank (NDB): Established in 2014 to finance infrastructure and development projects in BRICS countries and other emerging economies.
- Cooperation in Technology and Trade: Promoting collaboration in fields such as information technology, health, and energy.
Grammar Tip: The term “emerging economies” refers to nations that are becoming more important in global trade and finance but are not yet fully industrialized.