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About BRICS:
- The term BRIC was first used in 2001, but Brazil, Russia, India, and China officially established it as a bloc in 2009; South Africa joined in 2010.
- BRICS was established as an economic forum to reshape the multilateral system and promote a fairer global order.
- BRICS represents over 45% of the world’s population (With China and India 86% of BRICS).
- BRICS represents 36% of the Global GDP.
- BRICS represents 25% of World Trade, measured in terms of exports.
- Russia assumed the Chairmanship of BRICS on 1st January 2024.
- The New Development Bank (NDB) was formally known as the BRICS Development Bank established in 2014.
- NDB is a multilateral bank focused on financing infrastructure projects and sustainable development.
- BRICS Headquarters: Shanghai, China.
- After 13 years, BRICS expanded in 2023, admitting Saudi Arabia, Egypt, Ethiopia, Iran and UAE.
Why in the News?
- India welcomed Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining BRICS as their representatives attended their first key meeting hosted by Russia.
