BRICS – Brazil, Russia, India, China, South Africa

BRICS is a grouping of the five emerging economies of Brazil, Russia, India, China and South Africa. The acronym BRIC(S) was first mooted by Jim O’ Neill of Goldman Sachs to represent Brazil, Russia, India and China in the year 2001. The group met for the first time after the meeting of the leaders of Russia, India and China in St. Petersburg on the margins of G8 Outreach Summit in 2006. The group became formalised during the 1st meeting of BRIC Foreign Ministers on the margins of United Nations General Assembly (UNGA) in New York in 2006. Thereafter, the 1st BRIC Summit was held in Yekaterinburg, Russia, in June 2009. The group expanded to include South Africa at the BRIC Foreign Ministers’ meeting in New York in September 2010. Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China in April 2011.

AIM of BRICS

The main aim of the grouping is to foster cooperation, policy coordination and political dialogue regarding international economic and financial matters

BRICS Members

Together these five emerging economies of BRICS represent over 40% of the world population, more than 30% of the world GDP and 17% share in the world trade. According to statistics of the World Trade Organisation (WTO), the participation of BRICS in global exports more than doubled between 2001 and 2011, from 8% to 16%

Contingent Reserve Arrangement

Contingent Reserve Arrangement (CRA) established in 2015 by BRICS member nations Brazil, Russia, India, China and South Africa, is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures

BRICS Summit

The BRICS summit is held annually. The various summits held till now are:

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