BRICS
BRICS is an acronym for the grouping of the world’s leading emerging economies, namely
Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill
coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and
China. The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in
2006. In 2006, the four countries initiated a regular informal diplomatic coordination, with
annual meetings of Foreign Ministers at the margins of the General Debate of the UN
General Assembly (UNGA).
South Africa was invited to join BRIC in December 2010, after which the group adopted the
acronym BRICS.
BRICS does not exist in form of organization, but it is an annual summit between the
supreme leaders of five nations. The BRICS Leaders’ Summit is convened annually.
The BRICS brings together five of the largest developing countries of the world, representing
41% of the global population, 24% of the global GDP and 16% of the global trade. The
chairmanship of the forum is rotated annually among the members, in accordance with the
acronym B-R-I-C-S. India was the chair for 2021.
During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the
Agreement establishing the New Development Bank (NDB - Shanghai, China). They also
signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to
the members.
Objectives
The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and
among the individual countries for more sustainable, equitable and mutually beneficial
development.
BRICS takes into consideration each member’s growth, development and poverty objectives
to ensure relations are built on the respective country’s economic strengths and to avoid
competition where possible.
BRICS is emerging as a new and promising political-diplomatic entity with diverse
objectives, far beyond the original objective of reforming global financial institutions.
Areas of Cooperation
1. Economic Cooperation
There are rapidly growing trade and investment flows between BRICS countries as well as
economic cooperation activities across a range of sectors.
Agreements have been concluded in the areas of Economic and Trade Cooperation;
Innovation Cooperation, Customs Cooperation; strategic cooperation between the BRICS
Business Council, Contingent Reserve Agreement and the New Development Bank.
These agreements contribute to realisation of the shared objectives of deepening economic
cooperation and fostering integrated trade and investment markets.
BRICS is an acronym for the grouping of the world’s leading emerging economies, namely
Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill
coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and
China. The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in
2006. In 2006, the four countries initiated a regular informal diplomatic coordination, with
annual meetings of Foreign Ministers at the margins of the General Debate of the UN
General Assembly (UNGA).
South Africa was invited to join BRIC in December 2010, after which the group adopted the
acronym BRICS.
BRICS does not exist in form of organization, but it is an annual summit between the
supreme leaders of five nations. The BRICS Leaders’ Summit is convened annually.
The BRICS brings together five of the largest developing countries of the world, representing
41% of the global population, 24% of the global GDP and 16% of the global trade. The
chairmanship of the forum is rotated annually among the members, in accordance with the
acronym B-R-I-C-S. India was the chair for 2021.
During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the
Agreement establishing the New Development Bank (NDB - Shanghai, China). They also
signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to
the members.
Objectives
The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and
among the individual countries for more sustainable, equitable and mutually beneficial
development.
BRICS takes into consideration each member’s growth, development and poverty objectives
to ensure relations are built on the respective country’s economic strengths and to avoid
competition where possible.
BRICS is emerging as a new and promising political-diplomatic entity with diverse
objectives, far beyond the original objective of reforming global financial institutions.
Areas of Cooperation
1. Economic Cooperation
There are rapidly growing trade and investment flows between BRICS countries as well as
economic cooperation activities across a range of sectors.
Agreements have been concluded in the areas of Economic and Trade Cooperation;
Innovation Cooperation, Customs Cooperation; strategic cooperation between the BRICS
Business Council, Contingent Reserve Agreement and the New Development Bank.
These agreements contribute to realisation of the shared objectives of deepening economic
cooperation and fostering integrated trade and investment markets.
