BRICS

BRICS is the most prominent emerging market economics i.e. Brazil, Russia, India, China and South Africa. Emerging trend show that in recent years the BRICS group has become a major force in the global economic arenal The OECD has predicted that the balcnce of the economic power is expected to shft dramatically over the next 50 years with China, replacing United States, becoming the most powerful economy of the world. It has also projected that India's GDP growth wil surpass United States. Further it has presence of two largest economies of two continent Africa and South America . The motive for BRICS countries to form a partnership derive from their shared quest for economics and social devoloment and for access to new markets.

BRICS image

History And Evolution.

Intially their was four members in this group and was known as BRIC. The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, "The World Needs Better Economic BRICs" on the basis of econometric analyses projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world’s largest economies in the next 50 years or so. the group members were Brazil, Russia, India and China. Later South Africa joins and it become BRICS. It was agreed to expand BRIC into BRICS with the inclusion of South Africa at the BRIC Foreign Ministers’ meeting in New York in September 2010. Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011.

    Potential of BRICS

    In recent years the importance of BRICS has increased .World sees the forum of catalyst to save it from global slowdown and bring it on the path of development and prosperity .The basic reason behind this argument are

    • Corporation serves not only the common interest of BRICS members, but also the global economy at large the brick country now account for 19% of world GDP and 61% of overall Global growth.
    • BRICS put development high on agenda, with the goal of common Development Cooperation between member has been flourishing in recent year and is now covering a wide range of fields such as trade, banking, taxation, custom, public health, Science and Technology, agriculture and culture
    • Brick is committed to creating a more democratic and equitable international system rather than challenging reconstructing the one we have BRICS nations are also member of a larger economic group G20 which is measure for am for discussing economic issues and striving for economic reform
    • The size of the BRICS economic economic potential and their demand for stronger political voice on the international platform provide them centre position

Limitation

However BRICS is by no means is perfect. The role of BRICS members in global economic government has not yet matched their weight and achievements in world economy. BRICS suffer from certain obvious political problems. These are

  • The biggest problem is economical prepondance of China. Not only is China as economically large as other members combined, it is the largest trading partner of almost of them .In contrast the remaining BRICS member have minimal economic relation with each other
  • The foreign policy relations among these countries is not always good and at times seriously lacking in trust. The most obvious divide is between India-China and Russia-China . Thus divergence do occur sometime in certain political and trade issue
  • The BRICS members are regional to the point they have little contact with each other. Therefore, they struggle to come up with the substantive agenda .
  • Their capability is also leave it behind in international rulemaking and decision making while bricks is making difference in various stages it still need time

BRICS SUMMIT

1st Summit

Host country: Russia
Cities: Yekaterinburg
16 June 2009

7th Summit

Dates: 9 Jul 2015 – 10 Jul 2015
Host country: Russia
City: Ufa
Location: Ufa, Russia
Participant: BRICS
Follow: 6th BRICS summit
Precede: 8th BRICS summit

8th Summit

Host country: India
Venue(s): Taj Exotica
Dates: 16 Oct 2016 – 17 Oct 2016
Location: Panaji
City: Benaulim
Chair: Narendra Modi
Follow: 7th BRICS summit

9th Summit

Host Country: China
Vanue: Xiamen International Conference Center
City- Xiamen
Date: from September 3-5, 2017
Chair: Xi Jinping