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BRICS: Achievements, Failures and Future – an Analysis

  • Category
    India & world
  • Published
    26th Nov, 2019

Recently 11th BRICS Summit held in Brasilia, Brazil.

Issue

Context

Recently 11th BRICS Summit held in Brasilia, Brazil.

Background

  • BRICS is an informal group of Brazil, Russia, India, China and South Africa (joined in 2010).
  • The BRICS leaders’ summit is convened annually.
  • BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
  • The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
  • Together, BRICS accounts for about 42% of the world’s population and about 23% of the global GDP (Gross Domestic Product), and 17% of the world trade, making it a critical economic engine.
  • The five nations account for 50 per cent of the world economic growth, 27% of the world area and 13.24% of World Bank voting power. 
  • Pitted as a counterweight to G7, the combine of developed economies, BRICS represents the world’s top emerging economies and claims to serve as a bridge between the developed and developing world.

                                            Facts & Figures

Brief History:

  • The acronym "BRICS" was initially formulated in 2001 by economist Jim O'Neill, of Goldman Sachs, in a report on growth prospects for the economies of Brazil, Russia, India and China – which together represented a significant share of the world's production and population.
  •  In 2006, the four countries initiated a regular informal diplomatic coordination, with annual meetings of Foreign Ministers at the margins of the General Debate of the UN General Assembly (UNGA).
  • This successful interaction led to the decision that the dialogue was to be carried out at the level of Heads of State and Government in annual Summits.
  • The first BRIC Summit took place in 2009 in the Russian Federation and focused on issues such as reform of the global financial architecture.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. South Africa subsequently attended the Third BRICS Summit in Sanya, China, in March 2011.
  • 11th Summit was held in Brasila Brazil in 2019 and its theme was  ‘BRICS: Economic Growth for an Innovative Future’
  • 12th BRICS Summit will be held in Russia in 2020 under the slogan ‘Partnership for global stability, common security and innovative growth’.

Objectives

  • The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
  • BRICS takes into consideration each member’s growth, development and poverty objectives to ensure relations are built on the respective country’s economic strengths and to avoid competition where possible.
  • BRICS is emerging as a new and promising political-diplomatic entity with diverse objectives, far beyond the original objective of reforming global financial institutions.
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