What is the full form of BRICS
BRICS: Brazil Russia India China And South Africa
BRICS stands for Brazil, Russia, India, China and South Africa. It is the association of five 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 in the year 2011.The BRICS members are known for their 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 alternative to World Bank and IMF to challenge US Supremacy
- To provide a self managed organization capable of planning and executing developmental and economical plans in member countries without being dependent on any foreign organization
The term “BRIC” was coined by economist Jim O’Neill, 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 significant share of the world’s population and economy.
The first BRIC summit held in Yekaterinburg, Russia on June 16, 2009. Since 2009, the group held annual summits and the member countries take turns 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 these five nations was around 3 billion; around 42 % of the total world population. And, the GDP of these five nations combined together was equivalent to the around 20 % of the Gross World Product. It is 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 related to education, culture and environment besides economic cooperation