Friday, July 1, 2022

What is BRICS? When was it founded and what is its real purpose?

What is BRICS: The BRICS Virtual Summit is being held during the ongoing war between Russia and Ukraine. This time, China is hosting the BRICS summit on June 23-24. Cooperation in the fight against terrorism, trade, food and energy security and the global economy is expected to be high on the agenda of the 14th BRICS Summit. The conference is also expected to discuss the expansion of BRICS. PM Modi will also participate in this virtual conference.

China is keen to expand the BRICS and Russia supports China’s initiative to include new members in the group. The BRICS summit is seen as crucial in the wake of the Ukraine-Russia war and the global economic crisis.

What is BRICS?

BRICS is the association of 5 major emerging economies in the world. The organization includes Brazil, Russia, India, China and South Africa. BRICS members are known for their significant influence on regional issues. BRICS is recognized as one of the world’s leading emerging economies. The member countries chair the BRICS summit every year. Each of the five countries hosts the conference alternately each year. This time a virtual summit has been organized and China is hosting it.

When was BRICS founded?

BRICS was established in June 2006. Earlier, it consisted of four countries, from which it was named BRIC. Initially it consisted of Brazil, Russia, India and China. South Africa joined the organization in 2010. The organization was later renamed. They changed from BRIC to BRICS. The first BRICS summit was held in 2009. There is talk of further expanding the organization.

What is the purpose of BRICS?

The BRICS Association is a multilateral forum comprising 5 of the world’s emerging economies. Which includes 41% of the world’s population, about 24% of world GDP and 16% of world trade. The BRICS summit also discusses global issues, including regional issues. Its main objective is to enhance mutually beneficial cooperation between the member countries in various fields so as to accelerate their development. Issues like climate change, terrorism, global trade, energy, economic crisis were discussed.

Also read:

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