The word BRICS is the acronym of Brazil, Russia, India, China, and South-Africa. BRICS is the group of the world’s five major emerging economies. BRICS countries represent approximately 42% of the world’s population, 23% of the Gross World Product, and 28% of the world’s land area. All the members of BRICS are also the members of G20. Since, 2009, the BRICS countries have met annually at formal summits, and the first summit of BRICS was held in Yekaterinburg, Russia on June 16, 2009.
The acronym has been attributed by the Jim O'Neill at that time chief economist at Goldman Sachs (An American Multinational Bank) in his publication "Building better global economic BRICs". The group was founded in 2006 with the four-member states Brazil, Russia, India, and China, and the group was known as BRIC. In Dec. 2010, South-Africa became the fifth member of this group, and the group was renamed as BRICS, where 'S' stands for South-Africa. In April 2011, at that time President of South-Africa, Jacob Zuma attended the 2011 BRICS summit in Sanya, China as a full member.
Currently, BRICS comprising five member states, Brazil, Russia, India, China, and South-Africa.
The main objectives of the BRICS are to cooperate in the field of economic growth and development, education, climate change, people to people contact, and cultural exchange.
Currently, there are two financial components of the BRICS.
1. The New Development Bank or BRICS Development Bank (NDB). The New Development Bank is a multilateral development bank established by the BRICS countries and Headquartered in Shanghai, China. Learn More
2. The Contingent Reserve Arrangement (CRA). The CRA is a framework for providing economic protection to the countries against global liquidity pressures. To learn more about CRA play the video given above.
The BRICS doesn’t have any permanent office, but the headquarter of the New Development Bank (NDB) is situated in Shanghai, China.
India is an active member of this forum and also one of the founding members of BRICS.