What is BRICS
BRICS is a grouping of five countries and was formed in the year 2009. This group was formed by the countries of Brazil, Russia, India and China. At the same time, a total of 12 summits have been organized by this group so far. In fact, the formal summit is organized every year by the BRICS nation and this summit is attended by the heads of state and government of the BRICS nation.
BRIC History
The economies of all the countries involved in the sale are very strong and in the year 2001 the same thing was mentioned by Jim O'Neill in a publication called 'The World Needs Better Economic Brick'.
Jim O'Neill served as chairman at the time of the Goldman Sachs Group, a multinational investment bank and financial services company in the United States. During the same time he did research on the economy of India, Brazil, Russia and China and after analyzing the economics of these countries, he published his research.
In his publication Jim O'Neill wrote that the four BRIC countries (India, Brazil, Russia and China) are developing rapidly and that the combined economies of these countries for the next 50 years, are currently the economies of the world's richest countries. is going to be bigger than Because the market of these countries is very big and is also growing rapidly.
In this publication Jim O'Neill used the word BRIC for the names of these four countries and this word was made from the first word of the names of these countries.
Full-Form of BRICS
At the time when BRICS was formed, only four countries were involved in it, due to which it was called BRIC and its full form was Brazil, Russia, China and India. When the country of South Africa also joined this group, it was named BRICS.
Purpose of BRICS
The US dollar is a major currency in the world and the BRICS countries aim to strengthen those currencies globally by using other currencies instead of this currency. The second biggest objective of creating BRICS is to create a special trade bloc for developing countries. Because developed countries have a lot of dominance over the developing countries in the field of trade and to eliminate this dominance, the target of creating a trade bloc has been made by the BRICS countries. Apart from this, the BRICS group also acts as a bridge between developed and developing countries as well as helping developing countries to develop them.
When did BRICS start?
In the year 2006, a session of foreign ministers of the BRIC nation was held in New York and during this session India, Brazil, Russia and China together discussed the establishment of BRIC. Three years later, i.e. in 2009, these countries held their first conference in Russia.
First BRICS Summit
The first conference of BRICS was held in the year 2009 and the leaders of four countries participated in this conference. During this conference our country was represented by the then Prime Minister Manmohan Singh. At the same time, the country of Brazil was represented by Lula da Silva, who was the President of Brazil at that time. Whereas the country of Russia was represented by the President of this country, Dmitry Medvedev and the country of China was represented by Hu Jintao, who used to be the President of this country at that time.
Second BRICS Summit
The second conference of this group was held in the city of Brasilia and in this conference our country was represented for the second time by the then Prime Minister Manmohan Singh. At the same time, other countries were also represented by the presidents who came to the first conference.
In this conference held in the year 2010, the President of the country of South Africa and the Foreign Minister of the Palestinian country were invited as guests. In the same year, the country of South Africa had decided to become a part of BRIC. In this conference, issues related to Iran, nuclear weapons and reforming financial institutions were discussed by the BRICS countries.
Third BRICS Summit
The conference of the year 2011 was held in Sanya city of China nation and in this conference our country was again represented by Manmohan Singh ji. Whereas other countries were represented by the presidents of those countries at that time. At the same time, in this conference held this year, the country of South Africa also joined the BRIC countries and the name of BRIC became BRICS.
In this conference of BRICS, issues of economics, international law, UN Security Council reform and Libyan civil war were discussed.
Fourth BRICS Summit
This conference of the year 2012 was held in Delhi and this conference was also attended by all the leaders who had come to the third conference. During this conference, the BRICS countries had announced the creation of optical fiber submarine communication cable system for telecommunications and the creation of a development bank was also discussed.
Fifth BRICS Summit
This conference held in the year 2013 was organized in Durban city of South Africa country and in this conference our country was represented for the fifth time by Manmohan Singh, while Russia was represented for the first time by President Vladimir Putin there. . China was represented by the President of China, Xi Jinping. The country of South Africa was represented by its President Jacob Zuma and the country of Brazil was represented by President Dilma Rousseff. The issue of creating a development bank was again discussed under this conference.
The purpose of opening this bank is to provide funded help to developing and less developed countries for undertaking development infrastructure projects.
Sixth BRICS Summit
The sixth conference was held in the year 2014 and the responsibility of organizing it was of the country of Brazil. All BRICS countries also participated in this conference. This year, for the first time from our country's side, Narendra Modi participated in this conference. At the same time, the same leaders of other countries had participated in this conference, who had come in the fifth conference. During this conference, all the BRICS countries had agreed to the formation of New Development Bank (NDB) and the announcement related to the opening of this bank was also made.
Seventh BRICS Summit
This summit was organized in the year 2015 in the city of Ufa, Russia and was jointly organized with the Shanghai Cooperation Organization and the Eurasian Economic Union. Country leaders of these two organizations had attended this conference and they also met with the leaders of BRICS countries.
Eighth BRICS summit
This summit took place in the year 2016 in the state of Goa, India and this conference was hosted by Narendra Modi. During this conference, the BRICS countries had condemned terrorism, decided to set up a credit rating agency in the coming times and decided to set up research centers in the fields of agriculture, railways and BRICS Sports Council.
Ninth BRICS Summit
This summit took place in the city of Xiamen, China in the year 2017 and this was the second time that this meeting was held in the nation of China. In this meeting of BRICS, the heads of the countries of Egypt, Guinea, Mexico, Tajikistan and Thailand were also invited and the leaders of these countries also became part of this meeting.
Tenth BRICS Summit
In the year 2018, this conference was held in Johannesburg city of South Africa and this was the second time when this country got this opportunity. At the same time, the President of Turkey and Argentina country was called as a guest during this conference.
Eleventh BRICS Summit
In the year 2019, this conference was held in Brasilia city of Brazil and this was the third time when this country got this opportunity. it is hosted by Jair Bolsonaro.
Twelfth BRICS Summit
This summit took place in the city of Saint Petersburg, Russia on 21-23 July 2020 but due to the covid-19 pandemic, it is held on 17 November 2020 on video conference. This was the third time that this meeting was held in the nation of Russia.
Upcoming BRICS Summit to be held next year
The next year i.e. 2021 BRICS summit will be organized in the country of India, while the responsibility of the 13th BRICS summit to be held in the year 2021 has been given to the country of India and this conference will be hosted by the Prime Minister of the country Narendra Modi.
Important work done by BRICS countries
Two financial banks were created by the BRICS country in the year 2014 and they have been named New Development Bank or New Development Bank and Contingency Reserve System.
New Development Bank
Nav Vikas Bank was established in the month of July 2014 and its operations started in the year 2015. Presently the general secretary of this bank, K.K. V is Kamath and the head office of this bank is in Shanghai city of China country. This bank is also known as BRICS Development Bank and the goal of starting this bank is to lend for infrastructure projects and this bank can give authorized lending up to 34,000,000 per annum.
BRICS Contingent Reserve Arrangement (CRA)
In the year 2014, a treaty was signed in Brazil for the establishment of BRICS Contingency Reserve System by the BRICS countries. In this treaty, all the BRICS countries signed the BRICS contingency foreign-money fund arrangement. The goal of setting up the CRA is to provide protection against global liquidity pressures.
Important information related to BRICS countries
- All the five countries included in BRICS come from four continents, of which India and China are the countries of the continents of Asia, Brazil comes from the continents of America, Russia is the country of the continent of Europe and South Africa is the country of the continent of Africa. Apart from this, all these countries cover about 27% of the land surface area of the world and the average population of these four countries is 627,060,914.
- All the countries included in this group account for 30 percent of the world's GDP. At the same time, these countries have a 17 percent share in world trade.
- During the BRICS summit every year, one of the heads of these countries is elected as the 'Pro Tempore Presidency'. In this conference held in the year 2018, the President of South Africa has been elected as the 'Pro Tempore Presidency'.
