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BRICS Full Form: The full form of BRICS is Brazil, Russia, India, China and South Africa. BRICS is an acronym for the annual summit between the supreme leaders of the five countries. The summit is aimed to achieve better economic expansion by the year 2050. The headquarters of BRICS is associated at BRICS Tower in Shanghai, China.
At Embibe, we have provided a detailed article on BRICS and its aim, history, objectives, features, and Importance of BRICS for India. Additionally, we have also provided frequently asked questions and their answers on BRICS for your clarification. Read through the article for every detail of BRICS and improve your knowledge on the same!
BRICS aims at promoting peace, security, development and cooperation among the five countries and significantly contributes to the establishment of a more equitable and fair world.
BRICS was originally formed in September 2006 at UNGA, by four countries – Brazil, Russia, India and China who are believed to become super economic countries by 2050. Brazil, Russia, India and China, abbreviated as BRIC, came into existence after the 1st BRIC formal summit held in Yekaterinburg on 16th June 2009. Jim O’Neil, the then chairman of Goldman Sachs Asset Management, coined the term BRIC in 2001 in his publication Building Better Global Economic BRICs. Later, South Africa wanted to become a member of BRIC and officially become a member nation on 24 December 2010, leading to the name BRICS.
The 13th BRICS summit was held in India on 9th September 2021 virtually by Prime Minister Narendra Modi. The theme of BRICS India 2021 was BRICS@15: Intra-BRICS cooperation for Continuity, Consolidation and Consensus.
People-to-People Exchange: This process deepens relations and mutual understanding between the countries through a number of forums like the Young Diplomats Forum, Parliamentary Forum, Civil BRICS, Trade Union Forum and Media Forum.
Economic Cooperation: BRICS countries cooperate among themselves in the Economic and Trade Functions, Innovation Cooperation, Customs Cooperation, BRICS Business Council Cooperation, etc.
Political and Security Cooperation: BRICS aims to achieve peace, security, development and equitability. It also exchanges domestic practices and shares policy advice.
The idea of NDB was proposed in the 4th BRICS Summit (2012) with the objective of financing the BRICS association for sustainable development of projects and infrastructure and helping other emerging economies and developing countries. It became operational on 27 February 2016, with its headquarters in Shanghai, China.
The BRICS Contingent Reserve Arrangement (CRA) is a framework that provides liquidity support in short term balance of payments. For example, currency issues where the native currency is being pressurized due to global financial pressure. It was established in 2015 by the BRICS countries.
| For consultation and cooperation on economic issues. | Support on terrorism, food and energy, security, climate changes. |
| Engagement of India with other BRICS countries on NSG membership. | Resources for infrastructure and sustainable development projects. |
Ans: The full form of BRICS is Brazil, Russia, India, China and South Africa. It is an association of five supreme leading countries aimed at becoming the global leading economies by 2050.
Ans: South Africa was added to BRIC on 24 December 2010, renaming it to BRICS, for better economic future of South African countries.
Ans: The main objective of BRICS is to promote peace, security, development and cooperation among the BRICS nation.
Ans: Apart from BRICS countries, Bangladesh, United Arab Emirates (UAE) and Uruguay become the new members of NDB bank.
Ans: Shanghai is the headquarters of BRICS.
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