- BRICS is an association of five major emerging national economies:
- China and
- 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.
- 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.
- 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.
The BRICS Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures.
- Since 2009, the BRICS nations have met annually at formal summits.
- Prime Minister Shri Narendra Modi led India’s participation at the 14thBRICS Summit, convened under the Chairship of President Xi Jinping of China on 23-24June 2022, in a virtual format.