The abbreviation BRICS refers to a grouping of the world’s leading rising economies, including Brazil, Russia, India, China, and South Africa. The Leaders’ Summit of the BRICS countries is held once a year. Although the organisation does not exist in its current form, it is held annually between the leaders of five countries. The Chairperson of the Forum is chosen annually from amongst the members. Over the past decade, BRICS cooperation has grown to include an annual calendar of over 100 sectoral meetings, now the largest in the world. This international forum has been in existence since 2009.
BRICS and the world
The BRICS countries account for around 40% of the world’s population and approximately 30% of the world’s GDP (Gross Domestic Product), making them a significant economic engine in the world. Goldman Sachs economist Jim O’Neill coined the abbreviation “BRIC” in 2001 in a report on the economic prospects of Brazil, Russia, India and China – which combined accounted for a significant chunk of the world’s production and population – to describe the emerging economies of these countries. It is a developing investment market as well as a worldwide powerhouse.
The inaugural BRIC Summit, held in 2009 in the Russian Federation, focused on reforms of the worldwide financial architecture and the development of new technologies. South Africa was asked to become a member of the BRIC group in December 2010, and the group afterwards chose the term BRICS. South Africa went on to attend the 3rd BRICS Summit in Sanya, China, in 2011, which leaders from across the world attended.
The following are the aims of the BRICS countries:
The BRICS strives to deepen, broaden, and accelerate cooperation within the grouping and among the individual nations to achieve more sustainable, equitable, and mutually advantageous development for all parties involved.
The BRICS group considers each member’s growth, development, and poverty reduction objectives to guarantee that partnerships are established on the respective country’s economic strengths. Consequently, that competition is avoided where it is practical.
In recent years, the BRICS countries have emerged as a new and potential political-diplomatic organisation with a wide range of aims that go far beyond the basic goal of overhauling global financial institutions.
BRICS members cooperate in the following areas:
Cooperation in the Economic Field
A significant increase in trade and investment flows between the BRICS countries and trade facilitation activities across a wide variety of sectors are being witnessed. Accords have been reached in economic and trade cooperation, innovation cooperation, customs cooperation, and the New Development Bank, among other things. These agreements contribute to the achievement of the common goals of strengthening economic cooperation and creating interconnected trade and investment markets, which are all important.
The exchange of people-to-people
The members of the BRICS countries have recognised the importance of enhancing people-to-people interactions and fostering closer collaboration in culture, cinema, sports and youth development.
In the attitude of openness, inclusiveness, variety, and mutual learning, people-to-people exchanges aim to form new connections, strengthen relations, and increase mutual understanding between the peoples of the BRICS countries.
Several forums for people-to-people encounters are held annually, including the Young Diplomats Forum, Trade Union Forum, Parliamentarian Forum, Civil BRICS, and Media Forum.
Cooperation in the Fields of Politics and Security
Strategic political and security cooperation among BRICS members aims to attain peace, security, development, and cooperation to create a more equal and just world. When it comes to domestic and regional challenges, BRICS offers opportunities for sharing policy advice and exchanging best practices. It also helps to move global political architecture toward a more balanced state, which is based on the principle of multilateralism, by trying to advance the reconfiguration of the global political architecture.
BRICS Development Bank
BRICS development bank, which is now referred to as New Development Bank (NDB), is an outcome of the BRICS summit.
At the Fourth BRICS Summit in New Delhi (2012), the potential of establishing a New Development Bank to obtain financing for infrastructure and sustainable development projects in the BRICS and other growing economies and in developing nations was discussed and approved. Thus, the BRICS Development bank came into existence.
The presidents of the BRICS countries signed the Accord forming the New Development Bank (NDB) at the Sixth BRICS Summit in Fortaleza, Brazil, in 2014.
It was stated in the Fortaleza Declaration that the NDB would improve collaboration among the BRICS countries and will complement the efforts of regional and multilateral financial institutions for global development, thereby contributing to sustainable and balanced growth worldwide.
BRICS’ last summit:
The yearly summit of the BRICS 2021, which was held virtually, was presided over by the Prime Minister of India, Narendra Modi. For this year’s summit. The subject was “BRICS@15: Intra-BRICS cooperation for continuity, consolidation, and consensus.” A Counter-Terrorism Action Plan for the BRICS countries was adopted during the summit, which defined the approach and actions taken by the BRICS countries in areas such as trying to counter radicalisation and internet terrorist threats, border control, information and intelligence sharing, and other aspects of counter-terrorism cooperation.
The Delhi Declaration was officially adopted:
The declaration called for reforms of the United Nations’ key organs, including the UN Security Council and the United Nations General Assembly (UNSC).
A united stance on ‘Strengthening and Reforming Multilateral Systems’ has been adopted by the BRICS countries for the first time ever.
BRICS refers to a grouping of the world’s leading rising economies, which includes Brazil, Russia, India, China, and South Africa. Over the past decade, BRICS cooperation has grown to include an annual calendar of over 100 sectoral meetings, now the largest in the world.