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.
- 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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