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BRICS
From Wikipedia, the free encyclopedia
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
[2]
The grouping was
originally known as "BRIC" before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but
they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members.
[3]
As of 2013, the five BRICS countries represent almost 3 billion people with a combined nominal GDP of US$16.039 trillion and an estimated US$4
trillion in combined foreign reserves.
[1][4]
Presently, South Africa holds the chair of the BRICS group, having hosted the group's fifth summit in 2013.
The BRICS have received both praise and criticism from numerous quarters.
[5][6][7]
Argentina will participate in the Fortaleza Summit to be held in July
2014 in response to an invitation by Russia.
[8]
In that meeting, the BRICS countries will discuss the possible admission of Argentina as the sixth member
country.
[9]
The term, "BRICS", was coined by economist Jim O'Neill in his publication, Building Better Global Economic BRICs.
[10]
Contents
1 History
1.1 First BRIC summit
1.2 Entry of South Africa
1.3 Developments
2 Summits
3 Member countries
3.1 Potential members
4 Criticism
5 Current BRICS leaders
6 See also
7 References
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8 External links
History
The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of
high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 May 2008.
[11]
First BRIC summit
The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009,
[12]
with Luiz Incio Lula da Silva, Dmitry
Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.
[13]
The summit's focus was on
means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the
future.
[12][13]
There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global
affairs.
[13]
In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be
"diversified, stable and predictable".
[14]
Although the statement that was released did not directly criticise the perceived "dominance" of the US dollar
something that Russia had criticised in the past it did spark a fall in the value of the dollar against other major currencies.
[15]
Entry of South Africa
In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year.
[16]
South Africa
officially became a member nation on 24 December 2010, after being formally invited by the BRIC countries to join the group.
[16]
The group was
renamed BRICS with the "S" standing for South Africa to reflect the group's expanded membership.
[17]
In April 2011, the President of South Africa,
Jacob Zuma, attended the 2011 BRICS summit in Sanya, China, as a full member.
[18][19][20]
Developments
7/13/2014 BRICS - Wikipedia, the free encyclopedia
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BRICS leaders at the 8th G20 summit
in Saint Petersburg, Russia. Left to
right: Rousseff, Singh, Putin, Xi,
Zuma.
The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations,
was formed in 2011.
[21]
In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF).
However, this loan was conditional on IMF voting reforms.
[22]
In late March 2013, during the fifth BRICS
summit in Durban, South Africa, the member countries agreed to create a global financial institution which they
intended to rival the western-dominated IMF and World Bank.
[23]
After the summit, the BRICS stated that
they planned to finalise the arrangements for this new development bank by 2014.
[24]
However, disputes
relating to burden sharing and location have slowed down the agreements.
At the BRICS leaders meeting in St. Petersburg in September, China committed $41 billion towards the pool;
Brazil, India and Russia $18 billion each; and South Africa $5 billion. China, holder of the world's largest
foreign exchange reserves and who is to contribute the bulk of the currency pool, wants a greater managing
role, said one BRICS official. China also wants to be the location of the reserve. "Brazil and India want the
initial capital to be shared equally. We know that China wants more," said a Brazilian official. "However, we
are still negotiating, there are no tensions arising yet."
[25]
On 11th October 2013, Russia's Finance Minister
Anton Siluanov said that a decision on creating a $100 billion fund designated to steady currency markets
would be taken in early 2014. The Brazilian finance minister, Guido Mantega stated that the fund would be created by March 2014.
[26]
Summits
The grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits
were held, in 2009 and 2010. The first five-member BRICS summit was held in 2011. The most recent BRICS summit took place in Durban, South
Africa, in March 2013.
[27]
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Date(s)
Host
country
Host leader Location Notes
1st
16 June
2009 Russia
Dmitry
Medvedev
Yekaterinburg (House
Sevastianova)
2nd
15 April
2010
Brazil
Luiz Incio Lula
da Silva
Braslia
Guests: Jacob Zuma (President of South Africa) and Riyad al-Maliki (Foreign
Minister of the Palestinian National Authority)
3rd
14 April
2011
China Hu Jintao
Sanya (Sheraton Sanya
Resort)
First summit to include South Africa alongside the original BRIC countries.
4th
29 March
2012
India
Manmohan
Singh
New Delhi (Taj Mahal
Hotel)
5th
2627
March 2013
South
Africa
Jacob Zuma Durban (Durban ICC)
6th
1517 July
2014
Brazil Dilma Rousseff Fortaleza
[28]
Guest: Cristina Fernndez de Kirchner (President of Argentina)
[29][30][31]
7th 2015
Russia
Vladimir Putin Ufa
[32]
Member countries
Economic data is sourced from the most recent IMF figures and given in US dollars.
[1]
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Country Population
GDP
(nominal)
HFCE
Government
spending
Exports Imports
GDP
per
capita
(PPP)
Literacy
rate
Life
expectancy
(years,
avg.)
HDI
Brazil 201,046,886 $2,695.9 bn
$1,266.3
bn
$846.6 bn $256.0 bn $238.8 bn $13,623 93.5% 74.6
.730
(high)
Russia 143,451,702 $2,021.9 bn
$671.6
bn
$414.0 bn $542.5 bn $358.1 bn $17,708 99.6% 69.7
.788
(high)
India 1,210,193,422 $1,824.8 bn
$737.9
bn
$281.0 bn $309.1 bn $500.3 bn $3,829 74.04% 64.2
.554
(medium)
China 1,354,040,000 $8,227.0 bn
$1,835.3
bn
$2,031.0 bn
$2,021.0
bn
$1,780.0
bn
$9,161 92.2% 72.7
.699
(medium)
South
Africa
51,770,560 $384.3 bn
$173.8
bn
$95.27 bn $101.2 bn $106.8 bn $11,375 86.4% 51.2
.629
(medium)
Potential members
Indonesia and Turkey have been mentioned as candidates for full membership of the BRICS, while Argentina, Egypt, Iran, Nigeria and Syria have
expressed interest in joining BRICS.
[33][34]
Criticism
In 2012, Hu Jintao, who at the time was President of China, described the BRICS countries as defenders and promoters of developing countries and a
force for world peace.
[5]
Some analysts have highlighted potential divisions and weaknesses in the grouping, including significant economic
instabilities,
[35][36][37][38]
disagreements between the members over UN Security Council reform,
[39]
and India and China's disputes over territorial
issues.
[6]
Current BRICS leaders
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Brazil
Dilma Rousseff, President

Russia
Vladimir Putin, President

India
Narendra Modi, Prime
Minister

China
Xi Jinping, President

South Africa
Jacob Zuma, President
See also
Economic Cooperation Organization
Emerging and growth-leading economies
G8+5
Group of Two
Group of 77
IBSA Dialogue Forum, a tripartite grouping of India, Brazil and South Africa
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List of BRICS leaders
List of potential superpowers
MINT, an group of middle powers of Mexico, Indonesia, Nigeria and Turkey
Next Eleven
References
1. ^
a

b

c

d

e
"World Economic Outlook" (http://www.imf.org/external/pubs/ft/weo/2013/01/weodata/weorept.aspx?
pr.x=91&pr.y=5&sy=2011&ey=2018&scsm=1&ssd=1&sort=country&ds=.&br=1&c=223%2C924%2C922%2C199%2C534&s=NGDPD%2CNGDPDP
C%2CPPPGDP%2CPPPPC&grp=0&a=). IMF. April 2013 data. Retrieved 17 April 2013.
2. ^ "New era as South Africa joins BRICS" (http://www.southafrica.info/global/brics/brics-080411.htm). SouthAfrica.info. 11 April 2011. Retrieved 2
December 2012.
3. ^ China, Brazil, India and Russia are all deemed to be growth-leading countries by the BBVA: BBVA EAGLEs Annual Report (PPT)
(http://www.bbvaresearch.com/KETD/fbin/mult/120215_BBVAEAGLES_Annual_Report_tcm348-288784.pdf?ts=1642012). BBVA Research. 2012.
Retrieved 16 April 2012.
4. ^ "Amid BRICS' rise and 'Arab Spring', a new global order forms" (http://www.csmonitor.com/World/Global-Issues/2011/1018/Amid-BRICS-rise-and-
Arab-Spring-a-new-global-order-forms). Christian Science Monitor. 18 October 2011. Retrieved 20 October 2011.
5. ^
a

b
"Brics a force for world peace, says China" (http://www.businessday.co.za/articles/Content.aspx?id=168422). Business Day. 8 August 2012.
Retrieved 9 November 2013.
6. ^
a

b
"Brics summit exposes the high wall between India and China" (http://www.atimes.com/atimes/Global_Economy/ND03Dj01.html). Asia Times. 2
April 2012. Retrieved 10 July 2013.
7. ^ "BRICS India is the biggest loser" (http://usinpac.com/blog/admin/brics-india-is-the-biggest-loser/). USINPAC. 18 April 2013. Retrieved 17 June 2013.
8. ^ Russia invites Argentina to BRICS summit, ratifies support in Malvinas case (http://www.buenosairesherald.com/article/160618/russia-invites-argentina-
to-brics-summit-ratifies-support-in-malvinas-case)
9. ^ Argentina Might Join BRICS Indian Ambassador (http://www.deyseg.com.ar/)
10. ^ Building Better Global Economic BRICs (http://www.goldmansachs.com/our-thinking/archive/building-better.html). Jim O'Neill's game-changing paper
on the importance of BRICs economies.
11. ^ Cooperation within BRIC (http://www.kremlin.ru/eng/articles/bric_1.shtml). Kremlin.ru. Retrieved 16 June 2009. Archived
(http://www.webcitation.org/5heLcSbIK) 19 June 2009.
12. ^
a

b
"First summit for emerging giants" (http://news.bbc.co.uk/1/hi/business/8102216.stm). BBC News. 16 June 2009. Archived
(http://web.archive.org/web/20090618002740/http://news.bbc.co.uk/1/hi/business/8102216.stm) from the original on 18 June 2009. Retrieved 16 June
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(http://web.archive.org/web/20090618002740/http://news.bbc.co.uk/1/hi/business/8102216.stm) from the original on 18 June 2009. Retrieved 16 June
2009.
13. ^
a

b

c
Bryanski, Gleb (26 June 2009). "BRIC demands more clout, steers clear of dollar talk"
(http://www.reuters.com/article/marketsNews/idUSLG67435120090616). Reuters. Archived
(http://web.archive.org/web/20090619134448/http://www.reuters.com/article/marketsNews/idUSLG67435120090616) from the original on 19 June 2009.
Retrieved 16 June 2009.
14. ^ "BRIC wants more influence" (http://www.euronews.net/2009/06/16/bric-wants-more-influence/). Euronews. Archived
(http://web.archive.org/web/20090621022125/http://www.euronews.net/2009/06/16/bric-wants-more-influence/) from the original on 21 June 2009.
Retrieved 16 June 2009.
15. ^ Zhou, Wanfeng (June 16, 2009). "Dollar slides after Russia comments, BRIC summit" (http://www.reuters.com/article/2009/06/16/us-markets-forex-
idUSTRE5530NQ20090616). Reuters. Retrieved July 6, 2014.
16. ^
a

b
Graceffo, Antonio (21 January 2011). "BRIC Becomes BRICS: Changes on the Geopolitical Chessboard"
(http://www.foreignpolicyjournal.com/2011/01/21/bric-becomes-brics-changes-on-the-geopolitical-chessboard/2/). Foreign Policy Journal. Retrieved 14
April 2011.
17. ^ Blanchard, Ben and Zhou Xin (14 April 2011). "UPDATE 1-BRICS discussed global monetary reform, not yuan"
(http://af.reuters.com/article/southAfricaNews/idAFL3E7FE13B20110414). Reuters Africa. Retrieved 26 April 2013.
18. ^ "South Africa joins BRIC as full member" (http://news.xinhuanet.com/english2010/china/2010-12/24/c_13662138.htm). Xinhua. 24 December 2010.
Retrieved 14 April 2011.
19. ^ "BRICS countries need to further enhance coordination: Manmohan Singh" (http://timesofindia.indiatimes.com/india/BRICS-countries-need-to-further-
enhance-coordination-Manmohan-Singh/articleshow/7961167.cms). Times Of India. 12 April 2011. Retrieved 14 April 2011.
20. ^ "BRICS should coordinate in key areas of development: PM" (http://www.indianexpress.com/news/brics-should-coordinate-in-key-areas-of-
development-pm/775130/). Indian Express. 10 April 2011. Retrieved 14 April 2011.
21. ^ BRICS Forum website (http://www.bricsforum.org). Retrieved 29 November 2012.
22. ^ "Russia says BRICS eye joint anti-crisis fund" (http://in.reuters.com/article/2012/06/21/russia-brics-imf-idINDEE85K04C20120621). Reuters. 21 June
2012. Retrieved 5 December 2012.
23. ^ "Brics eye infrastructure funding through new development bank" (http://www.guardian.co.uk/global-development/2013/mar/28/brics-countries-
infrastructure-spending-development-bank). The Guardian. 28 March 2013. Retrieved 29 March 2013.
24. ^ "India sees BRICS development bank agreed by 2014 summit" (http://in.reuters.com/article/2013/04/19/g20-brics-india-idINDEE93I0DK20130419).
Reuters. 19 April 2013. Retrieved 10 July 2013.
25. ^ http://in.reuters.com/article/2013/10/11/g20-brics-fund-idINL6N0I13N720131011
26. ^ http://in.reuters.com/article/2013/10/10/us-brazil-economy-mantega-idINBRE9990WR20131010
27. ^ "Africa: Reporter's Notebook All Systems Go for Brics Summit in SA" (http://allafrica.com/stories/201210100709.html). AllAfrica.com. 10 October
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External links
Centre for Rising Powers, (http://mws.polis.cam.ac.uk/crp/) University of Cambridge
The BRICS Post (http://thebricspost.com) News website with a focus on the BRICS.
BRICS Information Centre (http://www.brics.utoronto.ca/). University of Toronto. Retrieved 29 June 2013.
27. ^ "Africa: Reporter's Notebook All Systems Go for Brics Summit in SA" (http://allafrica.com/stories/201210100709.html). AllAfrica.com. 10 October
2012. Retrieved 26 April 2013.
28. ^ "A Cpula de Durban e o futuro dos BRICS" (http://www.postwesternworld.com/2013/07/04/a-cupula-de-durban-e-o-futuro-dos-brics/). Post-Western
World. 4 July 2013. Retrieved 7 November 2013.
29. ^ "Argentina invited to BRICS meeting in Brazil" (http://www.buenosairesherald.com/article/160670/argentina-invited-to-brics-meeting-in-brazil). Buenos
Aires Herald. Retrieved 19 June 2014.
30. ^ "Argentina to Join BRICS Upcoming Summit on Russia's Invitation" (http://english.farsnews.com/newstext.aspx?nn=13930310001021). FARS.
Retrieved 19 June 2014.
31. ^ "The good, the bad and the Paris Club" (http://www.buenosairesherald.com/article/160941/the-good-the-bad-and-the-paris-club). Bueno Aires Herald.
Retrieved 19 June 2014.
32. ^ "Ufa to host SCO and BRICS summits in 2015" (http://ufacity.info/eng/press/news/117306.html). UfaCity.info. Retrieved 7 November 2013.
33. ^ "Syria Seeks to Join Shanghai Group, BRICS Minister" (http://en.ria.ru/russia/20130427/180876832.html). RIA Novosti. 27 April 2013. Retrieved 7
November 2013.
34. ^ "India quiere a Argentina en los BRICS, el club de los emergentes" (http://www.clarin.com/politica/India-quiere-Argentina-BRICS-
emergentes_0_1131486910.html). Clarin. 3 May 2014. Retrieved 12 May 2014.
35. ^ "Broken BRICs: Why the Rest Stopped Rising" (http://www.foreignaffairs.com/articles/138219/ruchir-sharma/broken-brics). Foreign Affairs.
November/December 2012 issue. Retrieved 19 December 2012.
36. ^ "China Loses Control of Its Frankenstein Economy" (http://mobile.bloomberg.com/news/2013-06-24/china-loses-control-of-its-frankenstein-
economy.html). Bloomberg. 24 June 2013. Retrieved 25 June 2013.
37. ^ "Brazil Stocks In Bear Market As Economy Struggles" (http://news.investors.com/investing-international-leaders/062613-661520-brazil-stocks-in-bear-
market.htm). Investors.com. 26 June 2013. Retrieved 29 June 2013.
38. ^ "Emerging economies: The Great Deceleration" (http://www.economist.com/news/leaders/21582256-emerging-market-slowdown-not-beginning-bust-it-
turning-point). The Economist. 27 July 2013. Retrieved 27 July 2013.
39. ^ "BRICS Leaders Fail to Create Rival to World Bank" (http://www.nytimes.com/2012/03/30/world/asia/brics-leaders-fail-to-create-rival-to-world-
bank.html?_r=1). New York Times. 29 March 2012. Retrieved 18 June 2013.
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"BRIC(S) nations have become growth markets for the world economy and are no longer emerging markets"
(http://www.chinadaily.com.cn/china/brics2011/2011-04/13/content_12317967.htm). China Daily. 13 April 2011. Retrieved 17 June 2013.
"BRICS flame continues to shine" (http://indrus.in/articles/2012/02/29/brics_flame_continues_to_shine_15000.html). Indrus.in. 29 February 2012.
Retrieved 17 June 2013.
"Goldman's O'Neill: Time to move beyond BRICs" (http://www.marketwatch.com/story/goldmans-oneill-time-to-move-beyond-brics-2011-11-
21). MarketWatch.com. 21 November 2011. Retrieved 17 June 2013.
"United States should learn from emerging powers such as India and Brazil in the economic arena" (http://www.reuters.com/article/2011/10/14/us-
usa-clinton-idUSTRE79D2R520111014). Reuters. 14 October 2011. Retrieved 17 June 2013.
"BRICS Multi-format Cooperation" (http://en.russ-ind.ru/navigator/analytic/454). Russian Business Council for Cooperation with India. 2011.
Retrieved 17 June 2013.
James D. Sidaway (2012) 'Geographies of Development: New Maps, New Visions?', The Professional Geographer, 64:1, 49-62.
(http://www.tandfonline.com/doi/abs/10.1080/00330124.2011.586878#.UgLvGtJHIaA). Retrieved 8 August 2013.
Retrieved from "http://en.wikipedia.org/w/index.php?title=BRICS&oldid=616758401"
Categories: BRICS Country classifications Foreign relations of Brazil Multilateral relations of Russia Foreign relations of India
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