Table of Contents
BRICS leaders at the BRICS Summit 2023 announced the admission of six new countries from next year as the club of large and populous emerging economies seeks to reshape the global order. The BRICS Leaders agreed at their annual summit to make Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates full members from January 1st 2024. Check here for complete details about the 15th BRICS Summit 2023.
BRICS Full Form
BRICS stands for Brazil, Russia, India, China, and South Africa, and it refers to a group of five key emerging economies. The acronym BRIC was coined by economist Jim O’Neill in 2001 to designate the four rapidly growing economies of Brazil, Russia, India, and China. In 2010, South Africa joined the organisation, and the acronym was modified to BRICS.
BRICS Countries Details
The BRICS Countries are all significant players in their own fields and contributors to the global economy. They account for more than 40% of the global population, over a quarter of global income, and a significant portion of global natural resources.
|BRICS Full form||Brazil, Russia, India, China, and South Africa|
|Headquarters||BRICS Tower, Shanghai, People’s Republic of China|
|Countries||Brazil, Russia, India, China, South Africa|
|First Summit||June 23, 2022|
|Established||16 June 2009|
Since this is a prominent topic in the Indian Politics and International Relations of General Studies Paper 2 and Economics of General Studies Paper 3 of the UPSC Syllabus this article is crucial for students preparing for the IAS exam.
BRICS Countries Objectives
The BRICS Countries have established a variety of cooperative projects and institutions, such as the BRICS Business Council and the New Development Bank, to promote economic cooperation and development among themselves (formerly known as the BRICS Development Bank). Additionally, they participate in annual conferences where they coordinate their positions on critical international problems like trade, climate change, and international security.
Although the BRICS countries have many characteristics, such as large populations and rapid economic growth, they also face unique challenges and have distinct political and cultural histories. As a result, cooperation among the BRICS nations can be difficult, but their combined power is visible, and their influence in both the political and economic realms is likely to grow in the coming years.
Read More: BIMSTEC Countries
The headquarters of the BRICS institutions are located in different member countries, as follows:
1. New Development Bank (NDB): The NDB, formerly known as the BRICS Development Bank, is headquartered in Shanghai, China.
2. Contingent Reserve Arrangement (CRA): The CRA is a financial safety net that was established by the BRICS countries to provide short-term liquidity support to each other. The CRA is headquartered in Moscow, Russia.
3. BRICS Business Council: The BRICS Business Council is a mechanism for promoting trade and investment among the BRICS countries. The council’s headquarters are located in Johannesburg, South Africa.
4. The BRICS Academic Forum: It is a network of universities and research organisations dedicated to promoting academic cooperation among the BRICS countries. The forum is presided over by a rotating president, with each member country hosting the meeting during its tenure.
It is crucial to note that, in addition to the projects and organisations listed above, the BRICS countries have various other initiatives and institutions whose headquarters may be located in different member countries or overseas locations.
Read More: International Monetary Fund
The BRICS are a group of five large emerging economies that have been designated as some of the world’s fastest-growing economies. The BRICS Countries are as follows:
- Brazil, the largest country in South America, has a diverse economy that includes manufacturing, agriculture, and natural resources such as oil and minerals.
- Russia is the world’s largest country by land area, with a highly developed economy fueled mostly by its oil and petrol sector.
- India is the world’s second-most populated country, with a rapidly rising economy that includes manufacturing, agriculture, and services such as information technology and outsourcing.
- China is the world’s second-largest economy and the most populous country. It is well-known for its exports, manufacturing industry, and technological advances.
- South Africa, Africa’s southernmost country, has a diverse economy that includes industry, tourism, and mining.
Read More: NATO Countries
BRICS Countries Purpose & Significance
Brazil, Russia, India, China, and South Africa (BRICS) are significant in a variety of ways, particularly in international relations, economics, and global governance. Here are a few examples of how the BRICS is important:
The BRICS countries have among the world’s fastest-growing economies and account for a sizable part of global GDP. They have large and growing consumer markets, as well as abundant raw materials, energy, and other resources. The BRICS have created a number of cooperative projects and organisations to promote economic cooperation and development among themselves.
The BRICS nations have become more significant in international affairs and are major powers in their home regions. Although the political systems, customs, and viewpoints of the BRICS countries are extremely diverse, they all share a desire to advance multipolarity and change the global governance system.
The BRICS nations have advantageous geographic locations and formidable military and diplomatic capacities. They have established numerous significant partnerships and alliances in industries like defence, energy, and space exploration.
The BRICS countries house a sizable proportion of the world’s population and have made great progress in human development indicators such as education, health, and poverty reduction. They have established a number of initiatives and organisations to support long-term growth and social advancement.
Read about: G7 Countries
BRICS Countries UPSC
It is critical for the BRICS countries to increase their cooperation within the frameworks of the G20, the World Trade Organization (WTO), the World Bank, and the International Monetary Fund ( IMF). The BRICS countries should improve macroeconomic policy coordination and multilateral collaboration. BRICS countries should make full use of instruments for cultural and people-to-people interactions and collaboration, including the internet.
The BRICS are an important topic in the UPSC Syllabus sections on international relations and economics. UPSC aspirants are expected to have a basic understanding of the BRICS countries, their economies, and their relationship with India. Students can go to the official StudyIQ UPSC Online Coaching website for additional information about the UPSC Exam. By completing UPSC Mock Test on a weekly basis, aspirants can enhance their question-solving abilities. Simulated exams support high exam performance. To strengthen their preparations for their upcoming exams, students can take a UPSC Mock Test.