BRICS is an international cooperation forum formed by the world's main emerging countries. The acronym Brics represents the name of each of the members of this mechanism: Brazil, Russia, India, China and South Africa (South Africa). In 2023, during the 15th annual meeting of this group, six new countries were invited to be part of BRICS: Saudi Arabia, Argentina, United Arab Emirates, Egypt, Ethiopia and Iran.
BRICS is not an economic bloc, but rather a cooperation mechanism through which countries emerging markets discuss strategies and align their policies for social, economic and environmental. This is an important group because it represents a third of the economy and more than 46% of the world's population. The Brics, in addition, allowed emerging nations to be more involved in international geopolitics.
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Summary about Brics
Brics is an international cooperation mechanism between countries considered emerging, but which have high growth rates.
The name Brics, initially called Bric, was coined by British economist Jim O’Neill in the early 2000s.
The objective of Brics is cooperation between countries for common socioeconomic and environmental development.
Brics was formed by five countries until 2023: Brazil, Russia, India, China and South Africa.
In 2023, the group invited six new countries to join the forum from 2024 onwards: Saudi Arabia, Argentina, United Arab Emirates, Egypt, Ethiopia and Iran.
Brics has a bank called the New Development Bank, which finances projects in emerging and underdeveloped countries.
Brics accounts for a third of the world economy and more than 46% of the world's population.
This cooperation mechanism is important for the socioeconomic development of emerging nations and for their greater insertion in international geopolitics.
What is BRICS?
BRICS is the name of an international cooperation mechanism initially formed by the five largest emerging economies in the world. In 2023, Brics accepted the entry of six new members, now comprising a total of 11 countries emerging countries that meet periodically to discuss actions and strategies for social and economic development.
The name Brics, initially called Bric, was created by British economist and former president of the Goldman Sachs group Jim O’Neill in the early 2000s, in an article that commented on emerging economies that were growing exponentially at the beginning of the 21st century.
Brics goals
Since its first meeting, held in 2009, Brics its main objective is economic cooperation between emerging countries. This important mechanism also aims to coordinate policies and actions aimed at socioeconomic development and, more recently, the environmental impact of these emerging nations so that they can grow together and become increasingly integrated into the geopolitical scenario International.
Brics participating countries
Until the year 2023, Brics was originally formed by five countries, whose initials of their respective names (in English) gave rise to the name of this cooperation forum. Are they:
Brazil |
Russia |
India |
China |
South Africa (South Africa) |
→ Entry of new countries into BRICS
The invitation for new emerging countries to join BRICS was announced during the forum's 15th summit, held in 2023 in South Africa. Six new nations were approved to be part of the group from the year 2024:
Saudi Arabia |
Egypt |
United Arab Emirates |
Argentina |
Ethiopia |
Will |
Brics characteristics
The countries that make up the Brics are among the main emerging economies on the planet. Taking into account all members of this cooperation mechanism, including those approved in 2023, the Brics holds a Gross Domestic Product (GDP) which is almost 31 trillion dollars. This value is approximately one third of the entire world economy. The largest emerging economy in the BRICS and the world continues to be China, which accounts for around 63% of the forum's GDP.
The economic production of these countries is mainly centered on the tertiary and primary sectors, although they are industrialized countries. With the entry of Middle Eastern countries, oil and the petrochemical industry became the two main production activities in the Brics bloc.
The BRICS They are also the most populous countries in the world. This aspect is very important to analyze, because a large population is equivalent to a large consumer market and a high supply of labor, which is favorable for the economy. The only two countries with more than 1 billion inhabitants in the world are part of the forum: China and India. In total, Brics brings together more than 46% of the world's population.
Importance of Brics
Brics holds a significant part of the world economy, in addition to being home to the largest portion of the more than 8 billion people who live on planet Earth. Therefore, the forum It is important for the maintenance and social and economic development of countries as a whole, not just for its members. It is important to remember that Brics economic growth is around 6% per year, a high and higher rate than that recorded by even the most developed nations, which reinforces the role of the forum in the economy International.
Thinking about the importance of Brics for the members of this bloc, we can say that this cooperation is fundamental for joint development and, above all, for these countries to integrate Thethe international economic scenario once and for all. This insertion happens with emerging economies now being agents, and not just passive spectators. Therefore, Brics has great geopolitical importance.
BRICS Bank
The Brics bank is named after New Development Bank, or New Development Bank (NBD), and is headquartered in the city of Shanghai, in China. Unlike what we traditionally know as a bank, NBD does not offer services to the population directly. In fact, the NDB became active in 2015 to finance projects to be carried out in countries emerging countries, such as the Brics itself, and in underdeveloped countries as a way of assisting in the socioeconomic growth of these territories.
Is Brics an economic bloc?
No, Brics is not an economic bloc. It is an international cooperation mechanism that began to meet informally to discuss and align policies and strategies for social, environmental and economic development.
The BRICS does not have a formal hierarchical structure like that of economic blocs. What happens is an annual meeting with Brics leaders, called the Brics Summit, to reaffirm this alliance existing between them and to think about the next steps that will be taken by these countries in the geopolitical, socioeconomic and environmental.
Also access: What are economic blocks?
History of BRICS
The name Bric, which later became Brics, emerged in the early 2000s, in an article written by Jim O’Neill. At that time, O’Neill simply called the group Bric, as South Africa was not yet included. The first official meeting between the leaders of these then four nations with emerging economies in growth occurred in 2006, during the United Nations General Assembly held in the city of Nova York.
Three years after their first meeting, which was attended by heads of state, the four countries made official the formation of a group to discuss common development strategies and create cooperation policies in the economic sphere, mainly, but also social. This meeting took place on June 16, 2009, in Russia, and became known as the first Bric summit. In 2011, the S was added to the acronym of this group with the entry of South Africa.
BRICS summits are held annually, and each year they take place in one of the group's member countries. During the 15th BRICS Summit, held in the South African capital, Johannesburg, in 2023, representatives of the five members original documents approved the expansion of the forum and invited six new countries to join this cooperation mechanism International. Consequently, in 2024, Brics will officially have 11 members.
Image credits
[1]Government of India / Wikimedia Commons (reproduction)
[2]Ralf Liebhold/Shutterstock
Sources
G1. Brics Bank: understand what the institution that will be led by Dilma Rousseff is. G1, 2023. Available in: https://g1.globo.com/economia/noticia/2023/03/24/banco-do-Brics-entenda-o-que-e-a-instituicao-que-sera-comandada-por-dilma-rousseff.ghtml.
New Development Bank. Available in: https://www.ndb.int/.
IPEA. Meet Brics. Available in: https://www.ipea.gov.br/forumBrics/pt-BR/conheca-os-Brics.html.
ESSAY. What is Brics and what are the objectives of this alliance. TV BRICS, 2023. Available in: https://tvBrics.com/pt/news/o-que-o-Brics-e-quais-s-o-os-objetivos-dessa-alian-a/.
SENATE NEWS. BRICS. Available in: https://www12.senado.leg.br/noticias/entenda-o-assunto/bric.
