• Written By Team_Embibe
  • Last Modified 17-07-2022

BRICS Full Form: Check History, Importance and More

img-icon

BRICS Full Form: The full form of BRICS is Brazil, Russia, India, China and South Africa. BRICS is an acronym for the annual summit between the supreme leaders of the five countries. The summit is aimed to achieve better economic expansion by the year 2050. The headquarters of BRICS is associated at BRICS Tower in Shanghai, China.

At Embibe, we have provided a detailed article on BRICS and its aim, history, objectives, features, and Importance of BRICS for India. Additionally, we have also provided frequently asked questions and their answers on BRICS for your clarification. Read through the article for every detail of BRICS and improve your knowledge on the same!

Aim of BRICS and History

BRICS aims at promoting peace, security, development and cooperation among the five countries and significantly contributes to the establishment of a more equitable and fair world.

BRICS was originally formed in September 2006 at UNGA, by four countries – Brazil, Russia, India and China who are believed to become super economic countries by 2050. Brazil, Russia, India and China, abbreviated as BRIC, came into existence after the 1st BRIC formal summit held in Yekaterinburg on 16th June 2009. Jim O’Neil, the then chairman of Goldman Sachs Asset Management, coined the term BRIC in 2001 in his publication Building Better Global Economic BRICs. Later, South Africa wanted to become a member of BRIC and officially become a member nation on 24 December 2010, leading to the name BRICS. 

BRICS India 2021

The 13th BRICS summit was held in India on 9th September 2021 virtually by Prime Minister Narendra Modi. The theme of BRICS India 2021 was [email protected]: Intra-BRICS cooperation for Continuity, Consolidation and Consensus.

Objectives of BRICS

  • To promote and achieve economic development.
  • To achieve regional development.
  • To remove trade barriers. 
  • Optimum use of resources.
  • Building harmony and relationships among nations.
  • To become a dominant supplier of manufactured goods, services and raw material by 2050.

Features of BRICS

People-to-People Exchange: This process deepens relations and mutual understanding between the countries through a number of forums like the Young Diplomats Forum, Parliamentary Forum, Civil BRICS, Trade Union Forum and Media Forum.

Economic Cooperation: BRICS countries cooperate among themselves in the Economic and Trade Functions, Innovation Cooperation, Customs Cooperation, BRICS Business Council Cooperation, etc.

Political and Security Cooperation: BRICS aims to achieve peace, security, development and equitability. It also exchanges domestic practices and shares policy advice.

New Development Bank (NDB)

The idea of NDB was proposed in the 4th BRICS Summit (2012) with the objective of financing the BRICS association for sustainable development of projects and infrastructure and helping other emerging economies and developing countries. It became operational on 27 February 2016, with its headquarters in Shanghai, China.

BRICS CRA

The BRICS Contingent Reserve Arrangement (CRA) is a framework that provides liquidity support in short term balance of payments. For example, currency issues where the native currency is being pressurized due to global financial pressure. It was established in 2015 by the BRICS countries.

Importance of BRICS for India

For consultation and cooperation on economic issues.Support on terrorism, food and energy, security, climate changes.
Engagement of India with other BRICS countries on NSG membership.Resources for infrastructure and sustainable development projects.

Frequently Asked Questions (FAQs) on BRICS

Q.1: What is BRICS?
Ans: The full form of BRICS is Brazil, Russia, India, China and South Africa. It is an association of five supreme leading countries aimed at becoming the global leading economies by 2050.

Q.2: When did South Africa become a member of BRICS?
Ans: South Africa was added to BRIC on 24 December 2010, renaming it to BRICS, for better economic future of South African countries.   

Q.3: What are the main objectives of BRICS?
Ans: The main objective of BRICS is to promote peace, security, development and cooperation among the BRICS nation.

Q.4: Who are the new members of NDB bank?
Ans: Apart from BRICS countries, Bangladesh, United Arab Emirates (UAE) and Uruguay become the new members of NDB bank. 

Q.5: Can you name the headquarters of BRICS?
Ans: Shanghai is the headquarters of BRICS.

Adaptive Practice with Solutions To Help You Ace Important Topics for Competitive Exams