What is Brazil, Russia, India, China and South Africa (BRICS)?
Brazil, Russia, India, China and South Africa (BRICS) is an acronym for the combined economies of Brazil, Russia, India, China and South Africa. Economists at Goldman Sachs originally coined the term BRIC (without South Africa) in 2003. Analysts speculated that, by 2050, these four economies would be the most dominant. South Africa was added to the list on April 13, 2011 creating "BRICS".
What is significance of BRICS?
These five countries are considered among the fastest growing emerging markets. It's important to note that the Goldman Sachs thesis isn't that these countries are a political alliance (like the European Union) or a formal trading association. Instead, they have the potential to form a powerful economic bloc. It is considered as a counterweight to G7, the combine of developed economies, BRICS represents the world’s top emerging economies and claims to serve as a bridge between the developed and developing world.
What are the outcomes of 11th BRICS summit?
The Declaration addressed strengthening global multilateral systems, economic cooperation, regional conflicts, and intra-BRICS cooperation. Key features of the Declaration include:
- Strengthening multilateral systems: The Declaration addressed the need for inclusivity in the multilateral system, including the United Nations, its Security Council, the International Monetary Fund, and the World Trade Organization. Further, observing the importance of the sustainable development goals and the Paris agreement on climate change, it addressed the need for developed countries to provide resources and other assistance to developing countries.
- Economic cooperation: The Declaration highlighted the importance of trade between BRICS nations. Further, it observed the need for investment and infrastructure to improve trade. It condemned unilateral and protectionist measures, and recommended open markets and fair business and trade environment.
- Regional conflicts: The Declaration observed regional conflicts in Syria, Yemen, Israel-Palestine, the Gulf region, Libya, and Afghanistan. It recognized the need for collective efforts for peaceful settlement of disputes, and the role of the UN Security Council as bearing the primary responsibility for maintaining international peace and security.
- Intra-BRICS cooperation: The Declaration acknowledged cooperation among BRICS nations on various subjects such as security, science, technology, industrial growth, environment, energy, finance, trade, and fighting corruption.