Countries In BRICS

, , ,


Countries In BRICS

BRICS is made up of China, Brazil, Russia, India and South Africa. The first BRIC Foreign Ministers’ Meeting was held in 2006 among China, Brazil, Russia, and India on the margins of the general debate of the 61st session of the United Nations General Assembly

BRICS has grown into an important platform for cooperation among emerging markets and developing countries. BRICS countries come from Asia, Africa, Europe and America and are all members of the G20.

BRICS is a grouping of five major emerging economies that together account for 43% of the world’s population, one-quarter of the world’s land area, 30% of global GDP, 17% of global trade, 13.24% of World Bank voting power and 14.91% of IMF quota shares.

The five BRICS member countries are geographically and culturally diverse, but they share certain characteristics, such as fast-growing economies, large populations, and significant natural resources. The grouping is regarded as an important forum for economic, political, and security cooperation and consultation among the five nations.

IMF estimates that the BRICS countries make up 22.53% of the World’s GDP and contributed more than 50% of the World’s economic growth, in the last 10 years.

The New Development Bank (formerly known as the BRICS Development Bank), the Contingent Reserve Arrangement (a currency reserve pool), and the BRICS Business Council are all part of BRICS. (which aims to promote trade and investment among BRICS countries).

The leaders of the BRICS countries meet annually at the BRICS summit to discuss a variety of issues concerning economic cooperation, political coordination, and regional and global security. The summits also allow leaders to interact with one another and strengthen their relationships.

BRIC Countries
BRIC Countries

Brief History of BRICS

In 2009, the first BRIC Summit was held in Yekaterinburg, Russia. Since then, the Summit has become an annual event. To date, 8 Summits have been held.

In December 2010, China, as the Chair, invited South Africa to join BRIC and attend the Summit in Sanya, China. BRIC officially enlarged to include 5 countries and the acronym changed to BRICS.

BRICS aims to achieve this goal through a variety of mechanisms, including the promotion of trade and investment among member countries, the establishment of financial institutions to support economic development, and policy coordination on a variety of issues such as energy, food security, and climate change.

The organisation also seeks to strengthen people-to-people ties and cultural exchanges among its members, as well as cooperation in science and technology, education, and healthcare.

List of Countries in BRICS

BRICS is an acronym for an association of five major emerging national economies:

  1. Brazil
  2. Russia
  3. India
  4. China
  5. South Africa
Federative Republic of Brazil207,652,865Brazilian real
Russian Federation143,964,513Russian Ruble
Republic of India1,324,171,354Indian Rupee
People’s Republic of China1,403,500,365Renminbi
Republic of South Africa56,015,473South African Rand
Countries in BRICS