BRICS Full Form - Brazil Russia India China and South Africa

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Brazil Russia India China and South Africa

  • BRICS stands for Brazil, Russia, India, China and South Africa. Its the association of 5 major emerging economies of the world; Brazil, Russia, India, China and South Africa.
  • The association was initially called BRIC before the inclusion of South Africa within the year 2011.
  • The BRICS members are known for his or her fast-growing economies and its influence on global affairs. All the five nations are members of G-20.
  • BRICS was formed for two major reasons which are as follows:
    • To become an alternate to World Bank and IMF to challenge us supremacy
    • To provide a self-managed organization capable of designing and executing developmental and economical plans in member countries without being dependent on any foreign organization
  • The term BRIC was coined by economist Jim Oneill, of Goldman Sachs in 2001.
  • He used this term in his report on the growth prospects for the economies of Brazil, Russia, India and China; the four countries which together accounted for a big share of the worlds population and economy.
  • The first BRIC summit held in Yekaterinburg, Russia on June 16, 2009. Since 2009, the group held annual summits and therefore the member countries alternate to host the summit.
  • The objective of this summit is to promote the political, commercial and cultural cooperation and strengthen global economic ties among the members.
  • As of 2015, the population of those five nations was around 3 billion; around 42 you look after the total world population. And, the GDP of those five nations combined together was like the around 20 % of the gross world product. Its estimated that combined GDP of BRICS would be us$50 trillion by 2020.

Key objectives

  • To support, promote and achieve regional development
  • To act as a bridge between developed and developing nations
  • To assist the developing countries in gaining an advantage in negotiations regarding trade and climate change
  • To establish a platform to share information associated with education, culture and environment besides economic cooperation

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