The BRICS alliance is a testament to the power of collaboration among developing economies in a world dominated by geopolitical crises and economic dynamism. The BRICS nations, which include Brazil, Russia, India, China, and South Africa, have formed a strategic relationship that goes beyond economic considerations, affecting the global landscape in a variety of ways. This page will provide you with useful information on the BRICS.

History

The abbreviation BRICS stands for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O'Neill coined the phrase BRIC (excluding South Africa) in 2001. He predicted that the four BRIC economies would come to dominate the world economy by 2050. In 2010, South Africa was added to the list. Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have all been proposed as new members. Saudi Arabia is the only other trillion-dollar economy to join the BRICS group.

How did the International Forum get started?

Russia was the driving force behind the formation of BRICS. The first BRICS Ministerial Meeting was held on September 20, 2006. This meeting was proposed by then-Russian President Vladimir Putin on the sidelines of a UN General Assembly session in New York. The meeting was attended by the foreign ministers of Russia, China, and Brazil, as well as India's defence minister. They were all eager to broaden their multilateral cooperation. On the initiative of Russia, on May 16, 2008, they convened a summit of BRICS Foreign Ministers in Yekaterinburg, Russia. Following the meeting, they produced a Joint Communique outlining their joint positions on current global issues.

What Is the Overall Goal of the BRICS?

BRICS' primary goals are cooperation, development, and worldwide influence. BRICS aims to strengthen economic cooperation, development financing, political coordination, social and cultural exchanges, technology and innovation, sustainable development, and peace and security. Currently, the BRICS countries account for around 27% of the world's land surface and 42% of the worldwide population.

BRICS pillars

Political and Security: To strengthen collaboration and dialogue on global and regional security challenges, trends in the global political sphere, and the reform of the multilateral system to make it relevant for the 21st century. Cooperation on Counter-Terrorism and its Financing remains a significant component of this pillar.

Economic and Financial: To promote economic growth and development for mutual prosperity by expanding intra-BRICS cooperation in sectors such as trade, agriculture, infrastructure, small and medium enterprises, energy, finance and banking, and so on. The goal of BRICS cooperation under this pillar is to foster collaborative approaches as well as creative solutions for achieving Sustainable Development Goals.

Cultural and interpersonal exchanges:

Through regular exchanges, strengthen intra-BRICS people-to-people contacts in cultural, intellectual, youth, sports, and business. This component of BRICS cooperation also includes exchanges between parliamentarians, young scientists, and other professionals.

Among BRICS' significant accomplishments are:

• - In 2014, the New Development Bank (NDB) was established, a global development bank aimed at financing infrastructure and sustainable development projects in the BRICS and other developing nations. As of 2021, the NDB has a capital of $100 billion and has approved 76 projects worth $30 billion.
• - In 2015, the Contingent Reserve Arrangement (CRA) was established, a currency swap arrangement that offers a safety net for BRICS countries in the event of a balance of payments crisis or liquidity problems. The CRA has a total capitalization of $100 billion and is accessible to any BRICS member up to a specific limit.
• - In 2016, the BRICS Network University (NU) was launched, a virtual platform that connects BRICS universities and research institutions and fosters academic exchange and collaboration in a variety of subjects. The NU includes 60 universities and provides collaborative degree programmes, online courses, summer schools, and research projects.
• - In 2013, the BRICS Business Council (BBC) was formed, a forum that brings together BRICS business leaders and entrepreneurs to facilitate trade and investment possibilities. The BBC is composed of 25 members, five from each country, and it organises annual meetings, sectoral working groups, and business forums.
• - In 2013, the BRICS Think Tank Council (BTTC) was established, a network of BRICS think tanks and research institutions that provide policy advice and intellectual support to BRICS leaders and ministers. The BTTC is composed of five members, one from each country, and it undertakes joint research, publications, seminars, and workshops on a variety of issues.

According to World Bank figures (in current US dollar prices), the current (and original six) members of BRICS will account for 25.77% of global GDP by the end of 2022. Following the increase, the club currently includes five countries with GDPs in excess of a trillion dollars.

In its pursuit of a more just and affluent world, BRICS faces numerous obstacles and opportunities. Among the most important are:

• - Managing economic and political dispersion among its members: The BRICS are a diverse and diversified group with varying levels of development, growth trajectories, political systems, and strategic interests. BRICS members must deal with the problems of slowing development, mounting debt, trade disputes, and geopolitical threats, as well as find methods to resolve their differences and strengthen their trust and cohesion. BRICS must also strike a balance between internal dynamics and exterior relations in order to avoid being influenced or divided by outside factors.
• - Growing and engaging with other countries: BRICS is open to the idea of growing its membership and outreach, as well as engaging with other countries and areas that share its vision and principles. BRICS must assess the criteria, procedure, and consequences of admitting new members in order to avoid weakening its identity, unity, and effectiveness. BRICS must also improve communication and cooperation with other emerging and developing countries, as well as raise its visibility and impact in the global arena.
• - Improving institutional capacity and coordination: BRICS has made significant progress in building various organisations and processes for collaboration, but it still lacks a permanent secretariat, a legislative framework, and a dispute resolution mechanism. BRICS must strengthen its institutional capability and coordination, as well as ensure that its decisions and actions are implemented effectively and efficiently. BRICS must also monitor and assess its performance and impact, as well as modify and develop its policies and techniques in response to changing conditions and requirements.
• - Addressing the common challenges and risks posed by the COVID-19 pandemic, terrorism, and climate change: BRICS is confronted with unique and existential threats and risks posed by the COVID-19 pandemic, terrorism, and climate change, all of which have had a significant impact on its health, security, and development. In order to combat the pandemic and ensure fair and universal access to vaccinations, diagnostics, and medicines, the BRICS must strengthen their cooperation and coordination. The BRICS must also improve their collaboration and coordination in fighting terrorism, as well as avoiding and resolving the disputes and crises that fuel it. BRICS must also strengthen its collaboration and coordination in reducing and adapting to the effects of climate change, as well as promoting a green and low-carbon transition.
  
  

In conclusion, BRICS is more than an economic alliance; it is a monument to the strength of teamwork and common goals. As these countries create alliances and transcend continents, they contribute to a more integrated and multipolar world. The BRICS story is still evolving, offering a future in which rising economies will play a pivotal role in shaping the fate of our global community.