BRICS

Founded  2000’s
Headquarters Shanghai ( New Development Bank )
What is it?
  • Acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
  • Initially BRIC , South Africa added in 2010
  • The term was coined by Mr. Jim O’Neill of Goldman Sachs
  • New Development Bank/BRICS Bank – 2014 Brazil Summit – Multilateral Development Bank
  • Initial Contribution by all members – $10B
  • Primary Focus – Infrastructure Projects.
  • All countries have equal shareholding in the bank.
  • Each member cannot increase its share of capital without all other four members agreeing
  • New members can join , but  share of the BRICS nations can never be less than 55% of voting power.
  • 1st President of Bank – K.V.Kamath.
  • BRICS Contingent Reserve Arrangement (CRA) – to protect against global liquidity pressures.
Membership Founding Members:

Brazil, India, Russia, China

Latest Addition –  South Africa – 2010

All five  are G 20 Members

Summits
  • 1st Summit Russia  in 2009
  • 2nd Summit –    Brazil  in 2010
  • 8th Summit –     India( Goa) in 2016
  • 12th Summit – Russia *
  • 13th Summit – India (Hosting 3rd time)-2021

Theme : ‘BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus’