Full Form of BRICS: Meaning, Members, Objectives & Importance

In recent years, people around the world have widely recognized the term BRICS, sparking significant conversations about international politics, trade, and economics. If you’re curious about what BRICS truly means, here’s a closer look. What it does and the full form of BRICS, this article is a full guide.

What is the Full Form of BRICS?

The full form of the BRICS is Brazil, Russia, India, China, and South Africa. It is a group of five major emerging economies and the aim of this alliance is to promote volunteerism, peace, security, development and cooperation in BRICS. The two countries combined account for over 40% of the world’s population and approximately one-fourth of global GDP. The reason behind BRICS is to provide a counterweight of increasing influence amid international decision-making and reduce reliance on Western-dominated infrastructure.

History of BRICS:

The term BRICS has originated in the early 2000s from economist Jim O’ Neill, who named these countries as the fastest developing economies of the world.

The concept of BRICS has an interesting background. In 2001, Jim O’Neill from Goldman Sachs introduced the term BRIC, referring to Brazil, Russia, India, and China as the emerging economic powerhouses of the future. In 2006 the foreign affairs officials of the four countries met for the first time at the UN General Assembly in New York. By 2009 the first BRIC summit was held in Russia which saw leaders push for international financial institution reform. In 2010 South Africa joined the group which grew BRIC into BRICS. In this year it makes the sense of current full form of BRICS. Since then annual summits have been held to increase cooperation.

• 2006: BRIC (Brazil, Russia, India, China) held its first meeting.
• 2009: The first official BRIC summit was held in Yekaterinburg, Russia.
• 2010: South Africa joined, making it BRICS.

Since then, BRICS has held annual summits and developed into a significant global partnership.

Member Countries of BRICS

BRICS consists of five major nations of the world. Those bring distinct advantages and resources that enhance the group’s significant impact.

Brazil: 

Brazil is a one of the mojor exporter of agricultural goods, minerals and energy resources. This country also serves as the representative of South America in the coalition.

Russia: 

Russia has extensive reserves of oil, gas and natural resources. This country is recognized for its geopolitical power.

India: 

India is one of the most rapidly advancing economy in the world. This country is known for the IT sector, talented workforce and growing manufacturing industry.

China: 

China is the 2nd largest economy globally and excels in manufacturing. This country exports and the development of infrastructure.

South Africa: 

South Africa is the most industrialized nation in African continent. This nation ensures BRICS’ reach across the entire African continent.

Collectively, these countries embody a range of cultures, geographies and economies that strengthen the group’s influence on a global scale. Also read more about India-China Relations.

Objectives of BRICS:

BRICS’ goals are very wide in scope beyond economics. At its core, BRICS aims to promote what it calls inclusive growth in the developing world. The group actively advocates for reforming international institutions like the IMF and World Bank to ensure they better represent emerging economies. Additionally, it champions the concept of a multipolar world that promotes shared power rather than dominance by a select few.

Also BRICS puts emphasis on growing trade and investment within members, in science, technology and innovation, and also in cultural and educational exchange which in turn will strengthen people to people ties. Ultimately, BRICS strives to establish a balanced framework for political, economic, and social cooperation, empowering developing countries to have a greater voice in addressing global issues.

The main objectives of BRICS include: BRICS’ primary goals are:.

• Promoting economic growth and sustainable development.
• Transforming global financial institutions to reflect present reality.
• Promoting a multipolar world and breaking out of Western dependence.
• Improving in trade, technology, health, and education.
• Strengthening peace, security, and cultural exchanges.

Importance of BRICS in Global Economy

BRICS is a key player in the world economy. Of the over 3 billion that live in it, it has the largest market of consumers and workers. Also it’s reported that the bloc’s GDP is at 25% of the global economy’s and their trade weight is on the rise. In 2014 BRICS put forth the New Development Bank which gives out loans for infrastructure and sustainable development projects in member as well as non member countries which in turn reduces the member states’ dependence on Western financial institutions. Also BRICS countries do policy coordination on issues like climate change, security and trade which in turn presents them as a strong collective voice.

In today’s globalized world the importance of BRICS is growing.

• Population: In the range of 40 to 50% of the world’s population lives in BRICS countries.
• GDP: Combined total GDP makes up for 25% of world economy.
• Trade Influence: BRICS is a key player in global trade and investment.
• New Development Bank (NDB): Funds for infrastructure and sustainable development projects.

BRICS Summits and Key Achievements:

Since birth as an organization BRICS has put together annual summits which are key forums for dialogue and collaboration. Out of these have come what is today the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) which we saw come into play in 2014 they support infrastructure projects and financial stability in member countries. Also over the years BRICS summits have reported progress in terms of digital economy, climate change, public health, and sustainable development policies. The summits do address what are basically global issues and also put forth the fact that the group is able to put forward and see through practical initiatives which in turn strengthen economic and political ties among members and play a big role in global governance.

BRICS which holds annual summits where leaders talk about global and regional issues. Also in the picture are:.

• 2009: First BRICS meeting in Russia.
• 2014: Founding of the New Development Bank (NDB) in Shanghai.
• 2015: Roll out of Contingent Reserve Arrangement (CRA) for when member nations experience financial crises.
• Regular Summits: Yearly conferences on security, environment, digital economy and global health issues.

Challenges Faced by BRICS:

Despite its success, BRICS has a set of issues which in turn prevent it from reaching its full potential. We see that the large scale of diversity in political and economic systems among its members is a key issue which in turn puts forward different priorities and strategies. Also we have the issue of geopoltical tension which plays out in relations between members like that which exists between India and China or the role of the West in imposing sanctions on Russia which in turn play out within the group.

We all see that there is a gap in economic size which is large in which China’s preeminence in terms of GDP plays a large role in issues of which member has what level of influence. Also a issue is in the implementation of decisions which is marred by members’ varying national interests which in turn slows down collective action. These issues present the picture of a very complex picture which BRICS as a group is trying to put together out of very different cultural, economic and geopoltical pieces.

Although it has come a long way, BRICS still grapples with the issue of .

• Political differences between member nations.
• Economic disparities in growth and development.
• Issues at the border (between for example India and China).
• Global competition with Western powers.

Future of BRICS:

The future of BRICS is very bright but will in large part depend on how well the group addresses its issues and transforms to fit global changes.

As we see discussion of including other emerging players in to the group’s ranks, BRICS may grow into a larger group which represents a large part of the Global South. Also it is out that BRICS will put forth a greater role in putting forward alternate financial models, in reducing the role of the U.S. dollar, and in promoting sustainable development. By putting into practice tech, digital innovation, and renewable energy BRICS can improve cooperation and bring to the table new solutions to global issues.

If the members are able to keep unity between themselves and also balance out their individual issues, BRICS may put forth to be one of the most influential associations in the 21st century which will in turn change the future of global governance and economic order.

The future of BRICS looks bright but will depend on the ability of members to sort out internal issues. As for details we have to see.

• Expansion to include more emerging economies.
• Greater collaboration in tech and digital economy.
• Greater role in climate change and global security.
• Growth in the role of a multipolar world order.

BRICS’ goals are much larger than economic cooperation alone. At its heart the group is out to promote what it terms inclusive growth in the developing world, reform international institutions like the IMF and World Bank which will in turn better represent emerging economies, and also see to it that power is shared which at present is dominated by a few. Also BRICS puts focus on growing trade and investment within members, in science, technology and innovation which we also see play out in cultural and educational exchange to better connect people to people. In the end what we see is that BRICS is trying to put in place a fairer political, economic and social cooperation structure which in turn gives developing countries a greater role in how global issues are addressed.

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