BRICS

BRICS:

This organisation was established in 2006. Its name is formed by adopting the first letter of the names of the participant countries. The participant member are Brazil, Russia, India, China, and South Africa. This organisation was established with an aim of enhancing the trade among these countries. The 11th conference of BRICS was organised in Brazil. The theme of this conference was ‘Economic Growth for an Innovative Future’. Subjects like technological co-operation, technology, and innovation, digital economy, international crime, financial scams were discussed.

Originally the first four were grouped as "BRIC" before the induction of South Africa in 2010. The BRICS have a combined area of 39,746,220 km2 and an estimated total population of about 3.21 billion, or about 26.656% of the world land surface and 41.53% of the world population. Four out of five members are among the world's ten largest countries by population and by area, except for South Africa, the twenty-fourth in both.

Members of G20, as of 2018, these five nations had a combined nominal GDP of US$19.6 trillion, about 23.2% of the gross world product, a combined GDP (PPP) of around US $ 40.55 trillion (32% of World's GDP PPP), and an estimated US $ 4.46 trillion in combined foreign reserves. The BRICS have received both praise and criticism from numerous commentators. Bilateral relations among BRICS nations are conducted mainly based on non-interference, equality, and mutual benefit.