Home » International Relations » Important International Institutions, Agencies and Further Structure, Mandate etc., » 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’ |