History, objectives and an overview of the global alliance

BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy. 

BRICS is an informal alliance that strives to foster collaboration and communication among its member nations rather than a formal organization or alliance with a legally binding contract. Here’s an overview of the history, objectives and key aspects of the BRICS alliance:

History of BRICS

O’Neill published a research paper titled “Building Better Global Economic BRICs,” which laid the foundation of BRICS. Due to their quick economic growth, massive populations and vast resources, O’Neill saw Brazil, Russia, India, China and South Africa as 21st-century economic powerhouses.

• The first formal BRIC summit took place in 2009, leading to the establishment of a platform for regular dialogue.
• South Africa joined the group in 2011, expanding it to the BRICS and adding diversity.
• BRICS holds annual summits to discuss various issues, including trade, finance, development, energy and technology.
• BRICS has established mechanisms such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) for economic development and financial stability.
• BRICS represents a significant portion of the world’s population, landmass and economic output.
• It advocates for a more equitable international order and greater representation of emerging economies in global governance.
• Challenges and differing priorities exist among member countries, but BRICS remains an important forum for cooperation and pursuing common interests.

Related: How does the economy work?

Objectives of BRICS

Cooperation, development, and influence in world affairs are at the heart of the BRICS goals. The following are a few of the main BRICS goals:

• Economic cooperation: encouraging trade, cooperation and growth among members, as well as improving BRICS economies’ access to markets.
• Development financing: Creating institutions such as the CRA and the NDB to finance infrastructure and development projects in member nations.
• Political coordination: Strengthening political discourse and coordination on international issues, such as modifying institutions of global governance to take into account the shifting global economic landscape and to provide rising economies with a stronger voice and representation.
• Social and…