BRICS

Brazil has recently announced Indonesia’s admission as the a full member of BRICS.

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Key Highlights

• BRICS (Brazil, Russia, India, China, and South Africa)  is an intergovernmental informal grouping of emerging economies that fosters cooperation and enhances global influence.
• BRIC was founded in 2009 by Brazil, Russia, India, and China, and South Africa joined in 2010, renaming it BRICS. 
• Current members include Brazil, Russia, India, China, South Africa, Iran, the UAE, Egypt, Ethiopia, and Indonesia. 
• The 1st BRIC Summit 2009 took place in Yekaterinburg, Russia.
• Objective: To Reform global governance institutions and contribute positively to deepening South-South Cooperation.
• The 17th BRICS Summit 2025 will be presided over by Brazil.

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Significance of BRICS

The BRICS countries together account for

• 23% of global GDP
• 30% of the world’s territory
• 42% of the world’s population
• 18% of world trade.

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New Development Bank (NDB):

• BRICS established a multilateral development bank to mobilise resources for infrastructure and sustainable development in emerging and developed countries.
• Headquarters: Shanghai, China
• Regional offices: South Africa and Brazil.