New Delhi: Prime Minister Narendra Modi is in Kazan, Russia, to attend the BRICS Summit. He has met Russian President Vladimir Putin on the sidelines of the 16th BRICS Summit. The theme for the 2024 BRICS Summit is “Strengthening Multilateralism for Just Global Development and Security”. The summit will be held for two days. This visit is Modi’s second visit to Russia this year.
In this article, let us learn facts about the BRICS, what it is, when it was formed and more.
BRICS: Facts to know about the group
What does it mean?
The BRICS is a group of five countries, and they are:
- Brazil
- Russia
- India
- China
- South Africa
When was BRICS formed?
BRICS is an informal group initiated by Russia. The first BRICS Ministerial Meeting was held on September 20, 2006, at the proposal of Russian President Vladimir Putin, on the margins of a UN General Assembly Session in New York. The foreign ministers of Russia, Brazil, China, India, and the Defence Minister of India participated in the meeting. In the first meeting, they expressed interest in expanding multilateral cooperation.
Who are the original members of the BRICS?
When BRICS was initiated, only Brazil, Russia, India, and China were involved, and they are considered the group’s original members.
Who gave the BRICs acronym?
Goldman Sachs first used the word BRICs in 2001 in its Global Economic Paper, ‘The World Needs Better Economic BRICs’. The paper mentioned that in the next 50 years, Brazil, Russia, India, and China can become the world’s largest economies.
When and why did South Africa join the group?
South Africa was the fifth country to join the BRICS group in December 2010. It joined the group to strengthen South-South relations and have some balanced relations with the West.
Who are the new members of the BRICS?
This year, in January, four new members were admitted to the BRICS group: Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). According to media reports, approximately 40 countries want to join the group, of which 20 have submitted applications.
Why does BRICS matter?
This group includes major world powers. Its combined population is about 45 per cent of the world’s inhabitants, and its countries account for over 30 per cent of the world’s GDP.
Quick Facts about BRICS members
BRICS country that has the largest population: China
Main objective of the BRICS group: The group aims to promote peace, security, development and cooperation among the member nations.
Which BRICS nation is the largest exporter of oil in the world? Answer: Russia
What is the name of the BRICS’ financial institution: New Development Bank or BRICS Bank
Which BRICS country has the largest economy by GDP: China
Name of the annual summit: BRICS Summit
Which BRICS country is known for having the largest gold reserves: Russia
Which two BRICS nations are United Nations Security Council permanent members: China and Russia
Which BRICS country has the world’s largest democracy: India
Which BRICS nation is known for its extensive coffee production: Brazil
