BRICS

• BRICS is an association of five major emerging national economies:
  • Brazil,
  • Russia,
  • India,
  • China and
  • South Africa.
• The BRICS members are all leading developing or newly industrialized countries.
• They are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs.
• BRICS brings together five major emerging economies comprising:
  • 42 % of the world’s population,
  • 23 % of the global GDP and
  • Around 17 % of the share and world trade.
• All five are G-20 members.
• Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit.

Origin

• Originally the first four were grouped as “BRIC” (or “the BRICs”).
• In 2010, South Africa was inducted into BRICs and became BRICS.

BRICS and the New Development Bank (NDB):

• The New Development Bank (NDB) is a multilateral development bank operated by the BRICS states.
• It was formerly referred to as the BRICS Development Bank.
• It will have a capital of US$50 billion with each country contributing US$10 billion, while the monetary fund will have US$100 billion at its disposal.

BRICS Cable:

• Since 2012, the BRICS group of countries have been planning an optical fibre submarine communications cable system.
• Why? ⇒ To carry telecommunications between the BRICS countries.
• It is known as the BRICS Cable.

BRICS CRA:

The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures.

BRICS Summits:

• Since 2009, the BRICS nations have met annually at formal summits.
• Prime Minister Shri Narendra Modi led India’s participation at the 14^thBRICS Summit, convened under the Chairship of President Xi Jinping of China on 23-24June 2022, in a virtual format.

SOURCES

1. PIB
2. Wikipedia.