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The Full Form of BRICS is Brazil, Russia, India, China, and South Africa. It is an acronym that represents an association of five major emerging national economies. Initially, the term BRIC was used to refer to the first four countries (Brazil, Russia, India, and China) before the inclusion of South Africa in 2010, transforming it into BRICS. Moreover, the alliance brings together nations with diverse cultures, economies, and political systems that are all united by the goal of boosting cooperation and development on a global scale.
What is BRICS?
BRICS is an intergovernmental organization formed with the purpose of political and economic development. The first summit of BRICS was held on the 16th of June, 2009 at Yekaterinburg, Russia. In addition, the first summit subtly devalued the use of the US Dollar globally and the need for a predictable and stable currency. The BRICS Summit is held annually in each of the member countries. The headquarters of the BRICS Bank is located in Shanghai.
In 2015, BRICS formed the New Development Bank, a multilateral financial institution. It was created to support infrastructure and sustainable development projects in emerging economies. Moreover, the NDB aims to provide an alternative to already existent international monetary institutions, such as the International Monetary Fund (IMF) and the World Bank, by focusing on the requirements of developing countries.
Fun Fact: BRICS is said to be the geopolitical adversary of the G7 Bloc, which includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America.
What is the Purpose of BRICS?
Additionally, the purpose of BRICS is as follows:
- To encourage cooperation and dialogue among major emerging economies.
- Also, it manages global challenges through joint efforts.
- Moreover, it boosts economic growth, trade, and investment among member nations.
- BRICS advocates for a multipolar world to guarantee global equity.
- They aim for the reform of international institutions for more inclusive representation.
- Shape discussions on critical issues like climate change and sustainable development.
- In addition, it also improves political and socio-economic cooperation.
- Lastly, BRICS contributes to the establishment of a fair and balanced world order.
Also Read: What is the Difference Between G7 and G20?
What are the Countries in BRICS?
In addition, the countries that are a part of BRICS are:
- Brazil
- Russia
- India
- China
- South Africa
- Egypt
- Ethiopia
- Iran
- Saudi Arabia
- United Arab Emirates
Furthermore, the last five countries on the list joined BRICS on the 1st of January, 2024.
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