Page 94 - LECTURETTE TOPICS eBOOK

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BRICS economies are playing a very important role in the global economy since
BRICS was launched. China along with India has managed to grow and both these
countries are continuously progressing in different sectors. Just like the financial
institutions, BRICS has established New Development Bank to benefit all the
member countries since 2014. This pact was signed in 2014 at the Brazil summit and
the bank was worth $100billion. In this bank, China made a contribution of $41 billion,
other 3 economics, India, Brazil and Russia together made the contribution of $18
and South Africa made the contribution of $5 billion. Apart from NDB, BRICS also
has a Contingent Reserve Arrangement of $100billion that will serve as an
international foreign exchange and can also be used during crisis.

The future BRICS summits shall lead to discussions and signing progressive pacts
about finance, globalization, foreign exchange and other such matters.

Quick facts about BRICS

• Due to BRICS, the middle classes of China and India are growing at a
rapid speed.
• The fall in prices of commodities are threatening other BRICS nations.

• India and China have the fastest growth rate amongst all the BRICS
nations.
• 2 of every 5 people on this planet belong to any BRICS nation. The count
is 3 billion people.
• BRICS countries have 30% of the world’s GDP.
• It is estimated that BRICS will match the total size of G7 by 2030.
• 50% of the world’s workforce belongs to BRICS economies.
• Nigeria, Sudan, Bangladesh, Greece, Egypt, Iran, Argentina, Afghanistan,
Turkey, Mexico have also shown interest in joining BRICS.
• BRICS countries are all different from each other in terms of literacy,
culture, opportunities and education.
• The primary duty and responsibility of the council of ministers in SAARC
is to review the progress, take decisions on new fields of cooperation,
formulation of new policies and other general matters.

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