What is BRICS? – Member countries– Their role in current world scenario (Prelims, Mains GS2)
BRICS
What is BRICS?
- BRICS stands for Brazil, Russia, India, China, and South Africa, a grouping of the world's leading emerging economies.
- The BRICS Leaders' Summit is held once a year.
- BRICS is not a formal organisation; rather, it is an annual summit between the leaders of five countries.
- According to the acronym B-R-I-C-S, the chairmanship of the forum is rotated annually among the members.
- BRICS accounts for roughly 40% of the world's population and 30% of GDP, making it a vital economic engine.
- It's a global power bloc and an emerging investment market.
Objectives
- For more sustainable, equitable, and mutually beneficial development, the BRICS seek to deepen, broaden, and intensify cooperation within the grouping and among individual countries.
- To ensure that relations are built on the respective country's economic strengths and to avoid competition where possible, BRICS takes into account each member's growth, development, and poverty objectives.
- BRICS is establishing itself as a new and promising political-diplomatic entity with a wide range of goals.
Importance for India
- India can benefit from the BRICS' collective strength by consulting and cooperating on economic issues of mutual interest, as well as current global issues like international terrorism, climate change, food and energy security, global governance reforms, and so on.
- India's membership in the NSG is still being discussed with the other BRICS countries.
- The NDB will assist India in raising and obtaining resources for infrastructure and long-term development projects.
COMMENTS