BRICS is an association of emerging national economies comprising Brazil ,Russia ,India, china, and South Africa .The group was named by combining the initial letters of these countries’ names in English- B, R, I, C, and S.
The story behind the name ‘BRICS’ began with an economist’s research paper.it is understood that in 2001,economist Jim O’ Neill published a report identifying Brazil, Russia, India, and China as the world’s rapidly growing, major emerging economies; following this, the term BRIC gained popularity.
The first summit of the group originally known as BRIC and comprising the founding nations of Brazil, Russia, India and China -was held on June 16,2009, in the Russian city of Yekaterinburg. A year later, South Africa joined the group, and it was subsequently renamed BRICS.
Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on January 1,2024 .Saudi Arabia has not yet joined the organization but participates in it as an invited nation.
All BRICS members are developing and newly industrialized nations with rapidly growing economies.
Collectively, the territory of these member countries accounts for approximately 30% of the world’s land area and 45% of the global population.
The initial five countries are members of the G20,with a combined Gross Domestic Product of 28 trillion US dollar; the total GDP of all member countries is approximately 57 trillion US dollars.
According to one estimate, these nations contribute $5 trillion to combined foreign exchange reserves; they account for 23% of global GDP and play a significant role in approximately 18% of world trade. They are also known as ‘R5’because the names of the currencies of all five countries begin with the letter ‘R’.
The G7group, comprising major developed economies, is considered the primary geopolitical rival of the BRICS nations. These countries have implemented several cooperative initiatives, such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS Pay, the BRICS Joint Statistical Publication, and the BRICS basket reserve currency.