BRICS is an acronym for an alliance of major emerging economies: Brazil, Russia, India, China, and South Africa (joined in 2010). Established in 2006 (initially as BRIC before South Africa joined), it represents a significant economic and political grouping.
Key features:
- Combined members represent:
- Over 40% of global population
- Significant share of global GDP
- Major emerging economies
Main initiatives include:
- New Development Bank (BRICS Bank)
- Contingent Reserve Arrangement
- Regular summit meetings
- Cooperation in various sectors including:
- Trade
- Technology
- Infrastructure development
- Financial systems
Recent developments:
- 2024 expansion to include:
The group aims to enhance cooperation among emerging economies and advocate for a more multipolar world order, though members have varying economic and political interests.