About BRICS
BRICS is an intergovernmental organization consisting of sovereign nation states that aims to give voice to developing countries in the world stage and help promote world peace.
BRICS in Numbers
of the world population
of the world landmass
growth between 1990-2019
intra BRICS trade
combined foreign reserves
combined economy size
of global oil output
of global agri products
History of BRICS
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a dynamic group of emerging economies that have collectively become a significant force in the global arena. Originating from the term "BRIC," introduced by Jim O'Neill in 2001 to highlight key economic strategies, the group later expanded to include South Africa, forming BRICS. The group has evolved into a platform for cooperation and dialogue among its member nations.
The journey of BRICS began with informal meetings between foreign ministers in 2006, eventually leading to the first formal summit in Yekaterinburg, Russia, in 2009. This summit marked the beginning of efforts to enhance global economic stability, reform financial institutions, and foster collaboration among member countries. Today, BRICS continues to focus on driving economic growth, promoting mutual development, and advocating for a more equitable global order.
As a collective force, BRICS aims to strengthen its role in shaping international policies and fostering prosperity through cooperation and shared goals. The group's mission is to create opportunities for developing nations to have a stronger voice in global affairs, paving the way for a more inclusive and balanced world economy.
New Development Bank (NDB)
The BRICS Development Bank was conceptualized by India during the 4th BRICS summit in Delhi in 2012, with the primary goal of enhancing financial cooperation among the member nations. The establishment of this bank aimed to simplify mutual settlement and lending operations, reducing dependence on external currencies like the US dollar and Euro.
At the 5th summit in Durban in 2013, BRICS leaders agreed to formalize the creation of the Development Bank. A significant milestone was reached in 2014 during the 6th summit in Fortaleza, where the legal framework for the bank was established, along with a reserve currency pool worth $100 billion. This initiative underscores BRICS' commitment to reducing reliance on Western-dominated financial institutions and fostering economic independence.
K.V. Kamath was appointed as the first president of the BRICS Development Bank in 2015.
Into the Future
As BRICS continues to evolve, its expansion reflects a strategic vision to promote a more equitable and just global order by welcoming new member countries and fostering partnerships. This growth underscores the group's commitment to inclusivity and collective prosperity, enhancing its capacity to address global challenges and advocate for a balanced international system.
By expanding its membership and deepening collaboration in areas such as sustainable development, technology transfer, and climate change mitigation, BRICS is driving toward a future characterized by shared growth and economic autonomy. This forward-looking agenda highlights BRICS's role as a pivotal force in shaping an international order where developing nations can thrive with greater global influence and fairness for all.