| About |
BRICS is a grouping of the world’s leading emerging economies: Brazil, Russia, India, China, and South Africa. |
| History |
The term BRIC was coined in 2001 by British Economist Jim O’Neill to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalized in 2006, and South Africa joined in 2010. |
| Composition |
BRICS comprises the four emerging economies of Brazil, Russia, India, and China, with South Africa joining later. |
| Footprints |
BRICS represents 41% of the global population, 24% of global GDP, and 16% of global trade. |
| Chairmanship |
Rotates annually among the members, with India holding the chair in 2021. |
| Initiatives |
- New Development Bank: NDB funds infrastructure and sustainable development projects.
- Contingent Reserve Arrangement: CRA provides mutual support and strengthens financial stability among BRICS nations.
- BRICS Payment System: Aims to create an alternative payment system to SWIFT.
- Customs agreements: BRICS signed agreements to coordinate and ease trade transport.
- Satellite: A constellation of remote sensing satellites has been launched in collaboration with BRICS nations.
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