BRICS – Full Form, Headquarters, Countries & Summit

In the first place, as a part of the UPSC exam study materials, we have been covering all essential topics for the exam preparation. Further, in the article, we have covered all information related to the BRICS full form, headquarters, countries, summit. This topic is also essential for the UPSC exam, so try to know all the vital points and study for the exam. The article will help you in providing you with all information. So, let’s begin and learn more about the same. Besides, make sure you will keep a note of the important points.

Introduction

The BRICS stands for Brazil, Russia, India, China, South Africa. Further, the BRICS members are known for their influence on regional affairs. Initially, the first four were grouped as “BRIC” (or “the BRICs”) before the induction of South Africa in 2010. Later, it has have a combined area of 39,746,220 km2 and an estimated total population of about 3.21 billion, or approximately 26.656% of the world land and 41.53% of the world population

What is BRICS?

BRICS is associated with more than  40% of the global population and 25% of the worldwide GDP. Further, it is estimated to the US$4 trillion in combined forex. Therefore, bilateral relations are conducted mainly based on equality and mutual benefit. Additionally, it plays a vital role in linking the  Global North and the Global South. Also, it came up with a shared point of view on a variety of global and regional concerns.

History

It was further concerning the history of BRICS. The word BRIC was coined in 2001 by the chairman of  Goldman Sachs Asset Management, Jim O’Neill, in his publication Building Better Global Economic BRIC.

Objectives

• It mainly aims to grouping is broadening, deepening, and intensifying cooperation among the member countries for mutually beneficial, sustainable and equitable development.
• Further, it makes sure that the every member’s growth and development are built on the economic strengths of countries and remove competition wherever possible.
• Later, it helps to emerge as an innovative and encouraging Political-Diplomatic entity. Besides, it was earlier formed just to resolve the global financial issues and reform institutions.

Structure

In the first place, it is not in the form of organization, and it is the mutual summit between the supreme leaders of five nations. Further, the Chairmanship of the forum is rotated annually among the members.

New Development Bank

Further, the New Development Bank is one of the multilateral development institutions created by the BRICS. It has been working successfully and is headquartered in Shanghai, China. Later, it was discussed in the 2012 summit and established in 2015. Further, the key areas of operations are,

• Clean Energy
• Sustainable Urban Development 
• Economic development among BRICS member countries
• Agriculture development and irrigation
• Lastly, Transport infrastructure

Further, according to the Fortaleza Declaration of the 2014 BRICS Summit, NDB will nourish cooperation among BRICS and will provide additional efforts of multilateral and regional financial institutions. Later, all the BRICS member countries hold an equal stake in the bank, and the NDB works on their consultative mechanism. Further, one can visit the official site for more information on the same. Click Here.

Summit

Later, in the following table, you will get information on the summit details and the host country

Challenges and Opportunities

To begin with, the central significance of the BRICS is self-evident. Besides, it means they account for 42% of the global population, 30% of geographical area, 24% of global GDP, and 16% of international commerce. Further, struggles against covid-19, on the other hand, resulted in the formation of a possible bond. All the BRICS countries are working hard to improve trade and investments ties among themselves. Further, nations failed to provide sufficient aid to the Global South to gain maximum support for their agenda.

Developments

As it is an independent forum, it will help with developments in various fields like political, and cultural cooperation between the BRICS nations, which was formed in 2011. Later, in June 2012, all countries pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). Further, in March 2013, at the fifth summit in Durban, South Africa, the member countries approved the creation of a global financial institution planned to cooperate with the western-dominated IMF and World Bank.

India and BRICS

Further, concerning India, it can benefit from the collective strength of BRICS by way of consultation and cooperation on economic issues. Besides, India is engaged with the other BRICS countries on its NSG membership. Then, NDB will help India raise and avail resources for their infrastructure and sustainable development projects. Further, in the meeting 2014 margins of the Nuclear Security Summit in The Hague. Then, the Foreign Ministers issued a communique that “noted with concern, the recent media statement on the forthcoming G20 Summit to be held in Brisbane in November 2014.

Later, India hosted the 13th BRICS summit. Further, the chair of BRICS 2021 was India. Then, below we have mentioned important topics discussed.

• In the first place, it focused on political and security. Further, mainly on the reform of the multilateral system and counter-terrorism cooperation.
• Further, economic and financial developments. It focused on the chair of BRICS 2021 was India. Then, the 13th Summit theme was, ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation, and Consensus.’
• The main areas were agriculture research platform, innovation cooperation, and cooperation on Disaster Resilience.
• Culture and people to people.

13th Summit Highlights

All nations pledged to promote a multipolar international system with the United Nations at its center. Further, an agreement on BRICS  Cooperation on Remote Sensing Satellite Constellation was signed. Also, Mutual Administrative Assistance in Customs Matters was finalized.

Conclusion – BRICS

In summary, this article helps you provide all information related to the BRICS full form, countries, and headquarters. We have covered all the essential points that are important to know. It is also an essential concept to understand as part of the UPSC exam study materials. Further, if you refer to the previous year’s question paper, it will be helpful for one to know about questions and marking details. One can give mock tests to learn skills and how one can improve on the same. Later, get all details of the UPSC exam study materials; click here. Besides, to get the best scores in the IAS exam, one must work hard and study from the best books.

Further, when we talk about the IAS exam, one must take care of various things. It can be from filling the application form and waiting till the results. Besides, we all are aware of the IAS exam syllabus and it is one of the essential exams in India. Further, we have seen many students applying for the exam.

Further, it is essential for the UPSC exam, as it will be asked in the Indian Polity and International Relations of GS Paper 2 and Economics in General Studies Paper 3. Also, all information related to the IAS exam from our other articles. IAS Exam Details

FAQs – BRICS