BRICS is an abbreviation of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa – the founding members.
Foreign ministers of Russia, Brazil and China and the Indian Defence Minister took part in the meeting. They expressed their interest in expanding multilateral cooperation.
The leaders of the BRIC nations (Brazil, Russia, India, and China) first convened in St. Petersburg, Russia, during the G8 Outreach Summit in July 2006.
On 20 September 2006, the first BRICS Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York.
Shortly after, in September 2006, the group was officially established as BRIC at the 1st BRIC Foreign Ministers’ Meeting, which took place alongside the General Debate of the UN Assembly in New York City.
Following a series of high-level discussions, the inaugural BRIC summit occurred on June 16, 2009, in Yekaterinburg, Russia.
In September 2010, South Africa joined the group as a full member during the BRIC Foreign Ministers’ meeting in New York, leading to the group’s rebranding as BRICS (Brazil, Russia, India, China, South Africa). South Africa then participated in the 3rd BRICS Summit held in Sanya, China, on April 14, 2011.
With the inclusion of Iran, Saudi Arabia, and the UAE, these countries collectively account for around 44% of global crude oil production.
Despite this significant economic influence, the group contends that Western nations maintain disproportionate control over key global institutions like the International Monetary Fund (IMF) and the World Bank, which provide financial support to governments.
BRICS countries include annual scheduled summits. Russia will host the BRICS summit in Kazan in October 2024. President Vladimir Putin has expressed his intention to:
- Enhance BRICS’ influence in the global financial system.
- Strengthen cooperation between member banks and expand the use of BRICS currencies.
- Foster greater collaboration between tax and customs authorities.
BRICS represents a significant alliance of emerging economies, accounting for 45% of the global population, 28% of the world’s GDP, and over 16% of global trade.
Over the years, BRICS nations have driven global economic growth and collaborated on key issues across three main pillars: political and security, economic and financial, and cultural and people-to-people exchanges.
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