What Is BRICS And Who Are Its Members?
Reuters Mon, August 21, 2023
JOHANNESBURG (Reuters) -The BRICS group of major emerging economies – Brazil, Russia, India, China and South Africa – will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24. Here are some key facts about the bloc and its members.
WHAT IS BRICS?
The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
Its creation was initiated by Russia.
The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
WHO ARE THE MEMBERS?
Brazil, Russia, India and China are the founding members.
South Africa, the smallest member in terms of economic clout and population, was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.
Together the countries account for more than 40% of the world population and a quarter of the global economy.
Apart from geopolitics, the group’s focus includes economic cooperation and increasing multilateral trade and development.
The bloc operates by consensus. All the BRICS countries are part of the Group of 20 (G20) of major economies.
WHICH NATIONS WANT TO JOIN BRICS AND WHY?
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