BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a coalition of five of the world's major emerging economies. The group's origins and development reflect a broader shift in global economic power and political influence.
The concept of BRICS began taking shape in 2001 when economist Jim O'Neill of Goldman Sachs coined the term "BRIC" to highlight the potential of Brazil, Russia, India, and China as significant emerging markets.
O'Neill's analysis emphasised these countries' rapid economic growth and increasing influence in global affairs. The initial focus was on economic cooperation, with an understanding that these nations, despite their different political systems and stages of development, shared common interests in fostering economic growth and reforming global financial institutions.
The formal foundation of BRICS came in 2009 with the first BRICS summit held in Yekaterinburg, Russia. This summit marked the transition from a mere economic concept to a structured political and economic alliance.
The leaders of Brazil, Russia, India, and China convened to discuss mutual interests, focusing on global economic issues, development, and the need for a more inclusive global governance system.
South Africa joined the group in 2010, leading to the expansion of BRIC into BRICS. South Africa's inclusion was seen as a way to represent the African continent and enhance the group's global reach.
The group's formal name, BRICS, now included the "S" for South Africa, and the expansion signalled the coalition's commitment to representing emerging economies across different continents.
Since its inception, BRICS has held annual summits where member countries discuss a range of issues including economic policies, global governance reforms, and sustainable development.
The group has aimed to provide a counterbalance to the influence of Western countries and institutions, advocating for more equitable global economic governance and greater representation of emerging economies in international institutions like the International Monetary Fund (IMF) and the World Bank.
BRICS has also established various mechanisms to enhance cooperation among its members. The New Development Bank (NDB), established in 2014, is one of the most significant achievements of the group.
The NDB is intended to support infrastructure and sustainable development projects in BRICS countries and other emerging economies. It represents a shift towards a more inclusive financial system, providing an alternative to traditional Western-dominated financial institutions.
In recent years, BRICS has expanded its focus to include other areas of cooperation such as science and technology, health, and cultural exchanges. The group's agenda reflects its members' desire to address global challenges collaboratively and to promote a multipolar world where diverse voices are heard.
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