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What is the full form of BRICS?

Full form of BRICS: Here, we are going to learn about the BRICS, full form of BRICS, overview, key objectives, etc. By Anushree Goswami Last updated : April 4, 2024

BRICS: Brazil Russia India China and South Africa

BRICS is an abbreviation of Brazil, Russia, India, China, and South Africa. It is the union of the five most significant rising economies of the world; Brazil, Russia, India, China, and South Africa. The union was originally at first called BRIC before the enclosure of South Africa in the year 2011. The BRICS union members are known for their rapid emergent economics. This rapid increase in economics influences international affairs. All five nations are part of the G-20.

Image source: https://commons.wikimedia.org/wiki/File:BRICS_Typography.svg

Reasons for which BRICS was Created

Following mentioned below are the two most significant reasons for which BRICS was created,

• To turn out to be a substitute for the World Bank and IMF to confront US Supremacy.
• To offer a self-administered association proficient in planning and implementing developmental and economical strategies in member countries without being contingent on any foreign association.

BRIC History

In 2001, the term "BRIC" was invented by economist Jim O'Neill, of Goldman Sachs. In his description, he used this term on the development visions for the economies of Brazil, Russia, India, and China; the four countries which collectively regard in a specified way for a considerable share of the world's population and economy. Mutual associations among BRICS nations have primarily been conducted based on non-interference, equality, and bilateral advantage.

On June 16, 2009, the first BRIC summit held in Yekaterinburg, Russia. The union of BRIC held annual summits and the member countries take the opportunity to host one by one the summit since 2009. The purpose of this summit is to encourage and support the political, commercial and cultural collaboration and make stronger international economic knots among the members.

The population of BRIC associated five nations was around 3 billion as of 2015, which was around 42 % of the total world population.

The GDP of these five BRIC associated nations joint collectively was correspondent to around 20 % of the Gross World Product. It is expected that by 2020, the collective GDP of BRICS would be US$50 trillion.

BRICS Key Objectives

• To support, encourage and accomplish regional development.
• To operate as a bridge between developed and developing nations.
• To help out the developing countries in gaining a benefit in discussions and conferences regarding trade and climate change.
• To set up a platform to contribute to information associated with education, culture, and environment as well as economic collaboration.