CURRENT AFFAIRS
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BRICS Countries
- IAS NEXT, Lucknow
- 21, Apr 2022
Reference News:-
India has agreed to attend a virtual summit of leaders of the Brazil-Russia-India-China-South Africa grouping, likely to be held at the end of June.
- India hosted last year’s BRICS summit, which was also held virtually, and attended by the five leaders.
- This is the first summit hosted by China since the tensions broke out at the Line of Actual Control (LAC) due to the PLA’s transgressions in April 2020.
What is BRICS?
BRICS is the group composed of the five major emerging countries – Brazil, Russia, India, China and South Africa.
- It together represents about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
- The acronym BRIC was coined by economist ‘Jim O’Neill’ of Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century.
- In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government.
- In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.
