BRICS Business Forum 2022

Why in the News?

The 2022 BRICS Business Forum was held in an Hybrid format (online plus offline) in Beijing.

In his address, PM Modi underscored the “very important” role of BRICS countries in post-pandemic economic recovery worldwide. He also highlighted the rapid growth of the digital economy in India
BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa
The BRICS Leaders’ Summit is convened annually

BRICS does not exist in the form of organization, but it is an annual summit between the supreme leaders of five nations
The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S
BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings

Together, BRICS accounts for about 40% of the world’s population and about 30% of the GDP (Gross Domestic Product), making it a critical economic engine
It’s an emerging investment market and global power bloc
The acronym “BRICS” was initially formulated in 2001 by economist Jim O’Neill, of Goldman Sachs, in a report on growth prospects for the economies of Brazil, Russia, India and China – which together represented a significant share of the world’s production and population
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)
This successful interaction led to the decision that the dialogue was to be carried out at the level of Heads of State and Government in annual Summits

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