What is BRICS full form?
The BRICS Full Form is Brazil, Russia, India, China, and South Africa.
“BRICS” was generated by economist Jim O’Neill, of Goldman Sachs and Originally it was just BRIC i.e. Brazil, Russia, India, China. South Africa joined BRIC in 2010 and it become BRICS.
What is BRICS?
The BRICS word symbolises Brazil, Russia, India, China, and South Africa, constituting a quintet of prominent economies collaborating to bolster their worldwide impact. These nations collectively embody pivotal geographical areas and harbour substantial potential to mould the international economic terrain. This overview will delve into elucidating the acronym BRICS, its central base of operations, the heads of state of each constituent country, and its role within the global stage.
Lastly, the term BRIC was coined in 2001 by economist Jim O’Neill to represent the four rapidly growing economies of Brazil, Russia, India, and China and then in 2010, the group expanded to include South Africa, and the acronym was modified and updated to BRICS. The countries in BRICS hold significant roles in their respective fields and contribute significantly to the global economy and account for more than 40% of the world’s population.
Objectives of BRICS
The member nations of BRICS have a set up of multiple collaborative initiatives and organisations like the BRICS Business Council and the New Development Bank, previously referred to as the BRICS Development Bank, aimed at fostering economic collaboration and growth within the group. Furthermore, these countries engage in yearly gatherings to align their stances on significant global issues such as trade, climate change, and international security.
- To support, promote and achieve regional development
- To act as a bridge between developed and developing nations
- To assist the developing countries in gaining an advantage in negotiations regarding trade and climate change
- To establish a platform to share information related to education, culture and environment besides economic cooperation
BRICS Countries
The last 5 countries on the following list joined BRICS on the 1st of January, 2024 given below;
- Brazil
- Russia
- India
- China
- South Africa
- Egypt
- Ethiopia
- Iran
- Saudi Arabia
- United Arab Emirates
Headquarters of BRICS
The Following are the headquarters of the BRICS are located in different member of countries:
- New Development Bank (NDB): The NDB, formerly known as the BRICS Development Bank, is headquartered in Shanghai, China.
- 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.
- The BRICS Business Council BC: The BRICS has a Business Council is a mechanism for promoting trade & investment among the BRICS countries and the council’s headquarters of BRICS are located in Johannesburg, South Africa.
- The BRICS Academic Forum: The network of BRICS universities & research organisations dedicated to promoting academic cooperation among the BRICS countries members. The BRICS Academic forum is presided over by a rotating president, with each member country hosting the meeting during its tenure.
BRICS Summits
Annually, the BRICS Summit brings together the leaders of Brazil, Russia, India, China, and South Africa to discuss common interests such as trade, political coordination, and economic cooperation.
| Sr. No. | Date | Host country | Host leader |
| 1st | 16 June 2009 | Russia | Dmitry Medvedev |
| 2nd | 15 April 2010 | Brazil | Luiz Inácio Lula da Silva |
| 3rd | 14 April 2011 | China | Hu Jintao |
| 4th | 29 March 2012 | India | Manmohan Singh |
| 5th | 26–27 March 2013 | South Africa | Jacob Zuma |
| 6th | 14–17 July 2014 | Brazil | Dilma Rousseff |
| 7th | 8–9 July 2015 | Russia | Vladimir Putin |
| 8th | 15–16 October 2016 | India | Narendra Modi |
| 9th | 3–5 September 2017 | China | Xi Jinping |
| 10th | 25–27 July 2018 | South Africa | Cyril Ramaphosa |
| 11th | 13–14 November 2019 | Brazil | Jair Bolsonaro |
| 12th | 21–23 July 2020 17 November 2020 (video conference) | Russia | Vladimir Putin |
| 13th | 9 September 2021 (video conference) | India | Narendra Modi |
| 14th | 23 June 2022 (video conference) | China | Xi Jinping |
| 15th | 22–24 August 2023 | South Africa | Cyril Ramaphosa |
| 16th | October 2024 | Russia | To be Updated |
BRICS Summit 2024
The upcoming 16th BRICS Summit, scheduled for October in Kazan. Russia will hold the BRICS Summit in Kazan from October 22 to 24, 2024. and the theme for BRICS 2024 is Multilateralism for Global Development and Security. Russia’s chairmen ship is already began from 1 January 2024.
Leaders of BRICS
- Brazil: President Jair Bolsonaro
- Russia: President Vladimir Putin
- India: Prime Minister Narendra Modi
- China: President Xi Jinping
- South Africa: President Cyril Ramaphosa
BRICS – 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.
Following are a few examples of why the BRICS is important give below;
| Particulars | Details |
| Economic Importance | The countries have among the world’s fastest-growing economies & account for a sizable part of global GDP and they have large and growing consumer markets, energy, and other resources. |
| Geopolitical Importance | The BRICS nations’ members have become more significant in international affairs and are major powers in their home regions. |
| Strategic Importance | The BRICS nations’ members have advantagement geographic locations and formidable military with diplomatic capacities. |
| Developmental Importance | 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. |
Conclusion
BRICS stands for Brazil, Russia, India, China and South Africa and has a shared and growing economy which is a common identity, and a shared future of nations. It is expected that BRICS will have a larger share of world GDP and will be able to influence its global governance. With this article you will get a clear picture of BRICS.
The Alliance of BRICS holds significant importance in the context of international relations and economics of BRICS. Aspirants preparing for UPSC examinations should be familiar with the BRICS countries, members with their economic profiles, and their relationship with India. BRICS is essential for these countries to enhance cooperation within organisations such as the G20, the World Trade Organization (WTO), the World Bank, and the International Monetary Fund (IMF) to improve policy OF Macroeconomic coordination and multilateral collaboration.
