BRICS

• 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.

Brazil, India, Russia, China

Latest Addition –  South Africa – 2010

All five  are G 20 Members

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

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