BRICS

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Groupings & Agreements Involving India and/or Affecting India's Interests

Regional Groupings

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.

Structure

BRICS does not exist in 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.

Salient Features

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 block.

Timeline

The first BRIC Summit took place in 2009 in the Russian Federation and focused on issues such as reform of the global financial architecture.

South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. South Africa subsequently attended the Third BRICS Summit in Sanya, China, in March 2011.

Objectives

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.

With reference to a grouping of countries known as BRICS, consider the following statements: 

The First Summit of BRICS was held in Rio de Janeiro in 2009.

South Africa was the last to join the BRICS grouping.