Question

Write a note on BRICS.

Answer 1

• BRICS:

1. BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
2. Since 2009, the BRICS nations have met annually at formal summits.
3. South Africa hosted the 10th BRICS summit in July 2018.
4. The agenda for BRICS summit 2018 includes Inclusive growth, Trade issues, Global governance, Shared Prosperity, International peace, and security.
5. Its headquarters is in Shanghai, China.
6. The New Development Bank (NDB) formerly referred to as the BRICS Development Bank was established by the BRICS States.
7. The first BRICS summit was held in Moscow and South Africa hosted the Tenth Conference at Johannesburg in July 2018.
8. India had an opportunity of hosting the fourth and Eighth summits in 2009 and 2016 respectively.
9. The BRICS countries make up 21 percent of global GDP. They have increased their share of global GDP threefold in the past 15 years.
10. The BRICS are home to 43 percent of the world’s population.
11. The BRICS countries have combined foreign reserves of an estimated $ 4.4 trillion