BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. BRICS does not have a structural premise, but its annual summits are held between the leaders of the nation at a pre-decided location.
The Chairmanship of the forum is rotated annually among the members, following the acronym B-R-I-C-S.
The 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009.
The acronym “BRICS” was initially formulated in 2001 by economist Jim O’Neill, of Goldman Sachs.
The leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St. Petersburg, Russia, on the margins of the G8 Outreach Summit in July 2006. Shortly afterward, in September 2006, the group was formalized as BRIC during the 1st BRIC Foreign Ministers’ Meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City.
BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers’ meeting in New York in September 2010.
(Accor. to http://www.brics2021.gov.in)
- POLITICAL AND SECURITY:
BRICS political and security objective aims at achieving peace, security, cooperation, and development in a more stable world. Cooperation in Countering Terrorism and its financing remains an important element under this pillar.
The organization focuses on moving forward on the track of multilateralism.
The organization also aims to develop the restructuring of the global political architecture, thereby making it more balanced.
- ECONOMIC AND FINANCIAL:
BRICS focuses on the economic growth and development of all the member nations through intra-BRICS cooperation in sectors such as trade, agriculture, infrastructure, small and medium enterprises, energy, finance & banking, etc.
- PEOPLE-TO-PEOPLE EXCHANGE:
BRICS recognizes the importance of people-to-people exchange in stimulating cooperation and support in the dominions of culture, sport, education, film, and youth.
It would help in establishing deeper and mutual relationships between the people. A wider understanding of each other’s culture, diversity, and uniqueness would promote mutual learning and greater participation.
“Parallel activities at a people-to-people level and in domains ranging from culture to science, technology, and innovation have also gathered momentum. In the last decade and a half, BRICS has made its presence felt in the important debates of our times” says
-Dr. S. Jaishankar
External Affairs Minister, Government of India
BRICS accounts for about 41% of the world’s population.
It generates about 24% of the GDP (Gross Domestic Product), making it a critical economic engine.
Contributes 16% of world trade.
NEW DEVELOPMENT BANK:
The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states. According to the Agreement on the NDB, “the Bank shall support public or private projects through loans, guarantees, equity participation, and other financial instruments.
(As per Wikipedia)
IMPORTANCE FOR INDIA:
1.India could benefit from the cooperation of the member nation on economic issues of mutual interest.
2.It can collaborate with the BRICS nation on global issues like international terrorism, climate change, food, poverty, and energy security, reforms of global governance institutions, etc.
3.The NDB would help India with loans to avail resources for its infrastructure and sustainable development projects.
Thus, BRICS serves as a platform for identifying problems of common interest and making joint efforts to address them.