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Concept
BRICS
Summary
BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa formed by the 2010 addition of South Africa to the predecessor BRIC. The original acronym "BRIC", or "the BRICs", was coined in 2001 by Goldman Sachs economist Jim O'Neill to describe fast-growing economies that would collectively dominate the global economy by 2050.
The BRICS have a combined area of and an estimated total population of about 3.21 billion, or about 26.7% of the world's land surface and 41.5% of the global population. Brazil, Russia, India, and China are among the world's ten largest countries by population, area, and GDP (PPP), and the latter three are widely considered to be current or emerging superpowers. All five states are members of the G20, with a combined nominal GDP of US56.65 trillion (32.5% of global GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves (as of 2018).
The BRICS were originally identified for the purpose of highlighting investment opportunities and had not been a formal intergovernmental organization. Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies; China hosted the most recent 14th BRICS summit on 24 July 2022. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
The BRICS are considered the foremost geopolitical rival to the G7 bloc of leading advanced economies, announcing competing initiatives such as the New Development Bank, the Contingent Reserve Arrangement, the BRICS payment system, the BRICS Joint Statistical Publication and the BRICS basket reserve currency. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining. BRICS have received both praise and criticism from numerous commentators.
Official source
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