BRICS
BRICS is an Intergovernmental organization. The founding countries of BRICS are Brazil, Russia, India, and China. They held the first summit in Yekaterinburg in 2009.
Main Focus of this summit – Improving the global economic situation and reforming financial institutions, and discussed how the 4 countries could better co-operate in the future.
Members
- Main Members of BRICS are
- Brazil
- India
- Russia
- China
- South Africa
- The foreign ministers of the initial four BRIC General states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN Assembly.
- The 10 full members of the association include Brazil, Russia, India, China, and South Africa with new members Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining the grouping in 2023.
- Russia took over the chairmanship of BRICS on January 1, 2024.
| S. No. | Countries | Year Joined |
|---|---|---|
| 1 | Brazil | 2009 |
| 2 | Russia | ” |
| 3 | India | ” |
| 4 | China | ” |
| 5 | South Africa | 2010 |
| 6 | Iran | 2024 |
| 7 | Egypt | ” |
| 8 | Ethiopia | ” |
| 9 | United Arab Emirates | ” |
New Development Bank
- Founded by BRICS
- 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.
- In March 2013, during the fifth BRICS summit in Durban, the member countries agreed to create a global financial institution to cooperate with the western-dominated IMF and World Bank. They planned to set up this New Development Bank by 2014.