BRICS Meet

About BRICS

BRICS brings together five major emerging economies- China, Brazil, Russia, India and South Africa. These 5 countries host 41% of the world population, contributing 31% of the world GDP and over 16% share in world trade.
The grouping was formalised during the first meeting of BRIC (Brazil, Russia, India and China) Foreign Ministers on the margins of the UNGA meet in New York in September 2006.
South Africa was added to the grouping in 2011 creating “BRICS”.
BRICS cooperation is aimed at complementing and strengthening existing bilateral and multilateral relations among member countries.
The Chairship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
Cooperation among members is predicated on three levels or “tracks” of interaction, namely:
- Track I: Formal diplomatic engagement between the national governments
- Track II: Engagement through government-affiliated institutions, e.g. state-owned enterprises and business councils
- Track III: Civil society and “people-to-people” engagement.
On 1 January 2024, BRICS admitted four new members: Egypt, Ethiopia, Iran and the United Arab Emirates.

Significant developments of BRICS

New Development Bank

The New Development Bank (NDB) was established by the BRICS countries. It formally came into existence at the Ufa Summit (Russia) in 2015.
It was established with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions toward global growth and development.
In 2018, the NDB received observer status in the UN General Assembly.
The Bank’s membership is open to members of the United Nations.

Contingency Reserve

The BRICS Contingent Reserve Arrangement (CRA) is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.
CRA was signed in 2014 as part of the Fortaleza Declaration during the Sixth BRICS summit.

Why in News?

Lok Sabha Speaker Om Birla is leading the Indian delegation to the 10th BRICS Parliamentary Forum in St. Petersburg, Russia.
Extending a welcome to the four new Members – Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE – into the BRICS Parliamentary Forum, Mr Birla commended the Russian Chair for ensuring the seamless integration of the new members into the organization.

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