BRICS DESCRIPTION

1. BRICS:

2. INTRODUCTION:
• BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim
O'Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC
economies would come to dominate the global economy by 2050. South Africa was added to the list
in 2010.
• The notion behind the coinage was that the nations' economies would come to collectively dominate
global growth by 2050.
• The BRICS nations offered a source of foreign expansion for firms and strong returns for institutional
investors.
• Brazil, Russia, India, China, and South Africa ranked among the world's fastest-growing emerging
market economies for years, thanks to low labor costs, favorable demographics and abundant natural
resources at a time of a global commodities boom.
• The party had largely ended by 2015, when Goldman closed its BRICS-focused investment fund.

3. HISTORICAL EVOLUTION OF BRICS:
The first phase (2001–2007)
“BRIC” (then without South Africa) stood for little more than an investment
category invented by Goldman Sachs.
The second phase (2008–2014)
With the inclusion of South Africa, the world witnessed the emergence of
the BRICS as a political platform, a largely informal nature.
The third phase (2015----)
It began the transition to a, marked by a process of institutionalization and
the launch of the BRICS’ New Development Bank.

4. COMMON INTERESTS OF BRICS NATIONS:
Desire to reform the outdated financial and economic architecture
of the world which ignores the growing weight of BRICS/EMDC .
Common commitment to principles and norms of international law,
rejection of policies of armed pressure and infringement upon
sovereignty of other nations .
Common challenges and problems related to the needs of
modernization of economy and social life .
Mutual complementarity of a wide range of sectors of national
Economies .

5. BRICS FORMATS OF INTERACTION:
1.Summits
2.Meetings of Foreign Ministers
3.Meetings of High Representatives responsible for national security
affairs
4.Meetings of Ministers of Finance and Central Bankers
5.Meetings of Trade Ministers
6.Meetings of Ministers of Health
7.Meetings of Ministers of Agriculture

6. 8.Meetings of Ministers of Science, Technology and Innovation
9.Meetings of Heads of Statistical Agencies
10.Meetings of Heads of Competition Authorities
11.Meeting of representatives of financial/fiscal authorities
12.Working Group on cooperation in agriculture
13.Working Group on cooperation on health affairs
ACCOMPANIYNG EVENTS :
14.Business Council
15.Council of think tanks
16.Business Forum
17.Forum of Banks of Development
18.Forum of Partner Regions
19.Forum on Youth Policies
20.Urbanization Forum

8. BRICS GDP:
• An IMF forecast (January 2012) predicted that the
five BRICS countries will contribute 56 of the
worlds GDP growth in 2012. Comparatively, the
contributions of the G-7 to global economic
growth will be approximately 9, and Latin
America as a whole is expected to
contribute 9.5.
• From 2003 to 2007, the growth of BRIC countries
represented 65 of the worlds GDP expansion.
• In PPP (Purchasing Power Parity), BRICs GDP is
already greater than that of the USA or the EU
(Country GDP (PPP) Million for 2011 World
78,897,426 European Union 15,821,264 BRICS
20,990,530 United States 15,094,025 China
11,299,967 India 4,457,784 Japan 4,440,376
Germany 3,100,080 Russia 2,383,402 Brazil
2,294,243 Source International Monetary Fund).

10. INDIA – RUSIA
AGREEMENT:

11. Agreement between the Government of the Republic of India and the Government of the Russian
Federation on Technology Protection due to Cooperation in the Field of Research and Use of Outer Space
for Peaceful Purposes and building and operation of Launch Vehicles and Ground-based Space
Infrastructure.
India and Russia signed 28 agreements at the 21st edition of their annual summit. Prime Minister
Narendra Modi said the initiatives under the Special and Privileged Strategic Partnership will widen the
scope of cooperation to new areas.