O BRICS is an economic grouping currently composed of five countries: Brasil, RUssia, ÍIndia, Çhina and africa of sul. It is not an economic bloc or an international institution, but an international mechanism in the form of an informal grouping, that is, not bureaucratically registered with statute and letter of Principles.
In 2001, economist Jim O'Neil formulated the expression BRICs (with a lowercase “s” at the end to designate the plural of BRIC), using the initials of four countries considered emerging, which had economic potential to surpass the great world powers in a period of, at most, fifty years old.
What was, at first, just a classification used by economists and political scientists to designate a group of countries with common economic characteristics, became, as of 2006, a mechanism International. This is because Brazil, Russia, India and China decided to give a diplomatic character to this expression at the 61st General Assembly of Nations United Nations, which enabled the realization of collective economic actions by these countries, as well as greater communication between they.
As of 2011, South Africa was also officially incorporated into the BRIC, which was then renamed BRICS, with a capital “S” at the end to designate the membership of the new member (the “S” comes from the country's English name: South Africa).
Currently, the BRICS hold more than 21% of the world's GDP, forming the group of countries that grows the most on the planet. In addition, they represent 42% of the world's population, 45% of the workforce and the greatest consumer power in the world. They also stand out for the abundance of their national wealth and the favorable conditions they currently have to exploit them.
BRICS challenge the international economic order
During the V Summit of the BRICS, on March 27, 2013, the countries of the axis decided to create an International Bank of group, which deeply displeased the United States and England, countries responsible for the IMF and World Bank, respectively. The decision on the BRICS bank has not yet been made official, but it should materialize in the coming years. The idea is to promote and guarantee the development of the economy of BRICS member countries and other underdeveloped or developing nations.
Another measure that the US and UK did not like was the creation of a $100 billion reserve contingent. This measure was taken with the objective of guaranteeing the economic stability of the 5 countries that are part of the group.
With these decisions, it is possible to perceive the economic and political importance of this group, as well as the emergence of a rivalry between the BRICS, the USA and the European Union.
By Rodolfo Alves Pena
Graduated in Geography