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TOPIC -29

BRICS

Quick points to remember

• BRICS stands for an association made up of the 5 emerging economies
namely Brazil, Russia, India, China and South Africa.
• South Africa joined the association in 2010 and until 2010, it was known
as BRIC.
• BRICS nations conduct and attend national formal summits.
• First formal summit of BRIC was conducted in 2009 while the aim of the
summit was to improve global economy, to improve the financial
institutions and how the 4 BRIC countries can work together peacefully.
• BRICS includes 25% of the world’s land and 40% of the world’s population.

• All the 5 countries in BRICS are highly corrupt.

Introduction

BRICS is a union of the 5 emerging economies of the world- Brazil, Russia, India,
China and South Africa. These economies arrange a meeting or formal summit each
year during which, important decisions and discussions are made about how the
countries can work together and how they can make improvements in the global
economy. Initially, the union was named as BRIC and later it was renamed to BRICS
when South Africa joined the union in 2010.

In the past 15 years, China has overtaken Japan and become the 2 largest
nd
economy. The BRICS summits are very fruitful as the global challenges are
discussed by global leaders. Financial and economic development is discussed by
different countries for the development of BRICS nations.

Current scenario

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