🌍 BRICS
đź“Ś Overview
- Acronym Origin: Coined in 2001 by economist Jim O’Neill (Goldman Sachs) to describe emerging economies: Brazil, Russia, India, China; South Africa joined in 2010
- Established as a Group: First formal meeting in 2006 (New York); first summit in 2009 (Yekaterinburg, Russia)
- Current Membership (as of 2025):
- Original: Brazil, Russia, India, China, South Africa
- New Members (2024–2025): Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, UAE, Indonesia
- Partner Countries: Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan
🎯 Mandate and Vision
- Promote multipolarity and equitable global governance
- Reform international financial institutions (e.g., IMF, World Bank)
- Enhance South–South cooperation and economic resilience
- Uphold principles of:
- Openness
- Pragmatism
- Non-interference
- Neutrality toward third parties
🛠️ Core Functions
- Annual Summits: Heads of State meet to set strategic direction
- Ministerial Dialogues: Regular meetings on trade, finance, health, education, science, and more
- BRICS Business Council: Promotes private sector collaboration
- BRICS Women’s Business Alliance: Advances gender-inclusive entrepreneurship
- Track I, II, III Diplomacy:
- Track I: Formal government-to-government engagement
- Track II: Institutional and business cooperation
- Track III: Civil society and cultural exchange
đź’° Economic Significance
- Represents:
- ~49.5% of global population
- ~40% of global GDP
- ~26% of global trade
- Emerging as a counterweight to Western-led forums (e.g., G7, OECD)
🧠Governance and Expansion
- Rotating Chairship: Each member serves as chair annually
- Consensus-Based Decision-Making
- Expansion Mechanism: Formalized in 2024; new members admitted from January 2024 onward
- 16th BRICS Summit (2024): Focused on multilateralism, equitable development, and security cooperation
🇮🇳 India and BRICS
- Founding member; active in shaping agenda on:
- Digital public infrastructure
- Climate finance
- Food and energy security
- Reform of multilateral institutions
Hosted the 2021 Chairship, marking BRICS’ 15th anniversary