FYI
BRICS is an
intergovernmental organization comprising
Brazil,
Russia,
India,
China,
South Africa,
Iran,
Egypt,
Ethiopia, and the
United Arab Emirates. Originally
identified to highlight investment opportunities,
[1] the grouping evolved into an actual geopolitical bloc, with their
governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and
mutual benefit.
[2]
The founding countries of Brazil, Russia, India, and China held the
first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later.
[3][4] Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organisation on 1 January 2024.
Saudi Arabia is yet to officially join, but participates in the organisation's activities as an invited nation.
[5][6][1]
Combined, the BRICS members encompass about 30% of the world's land surface and 45% of the global population.
[a] South Africa has the
largest economy in Africa whereas Brazil, Russia, India, and China are among the world's ten
largest countries by population,
area, and
gross domestic product (GDP)
nominal and
by purchasing power parity. All five initial member states are members of the
G20, with a combined nominal GDP of US$28 trillion (about 27% of the
gross world product), a total
GDP (PPP) of around US$57 trillion (33% of global GDP PPP), and an estimated US$4.5 trillion in combined foreign reserves (as of 2018).
[8][9]
The BRICS countries are considered the foremost geopolitical rival to the
G7 bloc of leading advanced economies, implementing competing initiatives such as the
New Development Bank, the
BRICS Contingent Reserve Arrangement, the
BRICS pay, the BRICS Joint Statistical Publication
[10] and the BRICS basket reserve currency.
[11]
BRICS has received both praise
[12][13] and criticism
[14][15][16] from numerous commentators.
....
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