1. Name – Nayan Kumar Singh
Registration No. 12114421
Subject code – POL226
Course Name – India's Foreign policy in a Globalising World
Submitted to – DR. Gurjeet Kaur
2.
3. Origins of the
group
• BRICS IS AN ACRONYM FOR 5 EMERGING
ECONOMIES OF THE WORLD VIZ.- BRAZIL, RUSSIA,
INDIA CHINA, SOUTH AFRICA.
• IN 2001, THEN GOLDMAN SACHS ECONOMIST
JIM O'NEILL COINED THE ACRONYM BRIC TO
DESCRIBE THE
FOUR EMERGING ECONOMIES OF BRAZIL, CHINA,
INDIA, RUSSIA.
• THE GROUPING WAS FORMALIZED
DURING THE MEETING OF BRIC FOREIGN
MINISTER ON THE MARGINS OF THE UNGA IN
NEW YORK IN 2006.
• THE FIRST BRIC SUMMIT WAS HELD IN 2009 AT
YEKATERINBURG.
• IN 2010, SOUTH AFRICA FORMALLY JOINED THE
ASSOCIATION MAKING IT BRICS.
4. BRICS
Initiatives
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 5th BRICS summit
in Durban, South Africa, the member
countries agreed to create a global financial
institution intended to rival the western
dominated IMF and World Bank.
5. New
Development
Bank
Since its inception in 2015, it has approved 80 projects in all of
its member countries, totaling a portfolio of USD 30 billion.
Fortaleza Declaration stressed that the NDB will strengthen
cooperation among BRICS and will supplement the efforts of multilateral and
regional financial institutions for global development thus contributing to
sustainable, balanced growth and infrastructure creation in emerging economies.
During the 6th BRICS Summit in Fortaleza, Brazil (2014), the leaders signed the
agreement for establishing the New Development Bank (NDB).
6. It is headquartered in Shanghai, China.
The agreement on the NDB specifies the
every founding member will have equal voting powers no
one would have veto powers.
Bank's Articles of Agreement specify that all members of the
UN could be member of the bank, however the share of the
BRICS nations can never be less than 55% of voting power.
Expanding the NDB's membership is considered by some
experts to be crucial to its long-term development by helping
boost the bank's business growth.
7. COUNTRY MEMBERSHP DATE
Brazil July 3, 2015
Russia July 3, 2015
India July 3, 2015
China July 3, 2015
South Africa July 3, 2015
Bangladesh September 16, 2021
UAE October 4, 2021
Egypt December 2021
Uruguay September 16, 2021
8. BRICS Contingent Reserve Arrangement
(CRA)
Established in 2015 following the 2014 Fortaleza Declaration.
It aims to provide short-term liquidity support to member through currency swaps
to help mitigate BOP crisis situation and further strengthen financial stability.
The initial total committed resources shall be USD 100 billion.
It is generally seen as a competitor to the International Monetary Fund (IMF) and
along with the NDB is viewed as an example of increasing South-South
cooperation.
12. BRICS IN NUMBERS
BRICS countries account for
42% of the Worlds's population
23% of the world GDP
17% of the world trade
26.6% of the land area
13.2% of world voting power
