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What is BRICS?

Context:

Prime Minister landed in South Africa to take part in the three-day BRICS summit. The 15th BRICS Summit is being hosted by South Africa. This will be the first in-person BRICS summit since 2019; the last three were held online because of the COVID pandemic.

Relevance:

GS II- International Relations

Dimensions of the Article:

  1. What is BRICS?

What is BRICS?

  • BRICS is the international grouping of Brazil, Russia, India, China and South Africa.
  • This was set up as a move towards greater multi­polarity; hence the spread across three continents and both hemispheres.
  • In terms of GDP, China occupies the second position; India the fifth; Brazil the ninth; Russia the 11th; and South Africa the 35th.
  • In terms of growth rates, China grew at 6%; India at 4.5%, Russia 1.7%, Brazil 1.2% and South Africa 0.1%.
  • BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
  • The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
  • BRICS takes into consideration each member’s growth, development and poverty objectives to ensure relations are built on the respective country’s economic strengths and to avoid competition where possible.
  • BRICS is emerging as a new and promising political-diplomatic entity with diverse objectives, far beyond the original objective of reforming global financial institutions.

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