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BRICS is an intergovernmental organization consisting of ten countries—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. It is considered to be a counterpart and alternative to the G7 bloc of the world's largest economies and combined represent nearly half [2] of the world's population.
The original member states of BRICS, an international organization of world economies, consisted of Brazil, Russia, India, and China. South Africa formally joined in 2010 and attended the 3rd BRICS summit.
BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China.The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping. [1]
The 2024 BRICS summit was the sixteenth annual BRICS summit, held in Kazan, Russia. It was the first BRICS summit to include Egypt , Ethiopia , Iran , and the United Arab Emirates as members, following their accession to the organization at the 15th BRICS summit .
The 2023 BRICS summit was the fifteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa. [2] [3] South African President Cyril Ramaphosa also invited the leaders of 67 countries to the summit. [4]
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In a separate agreement, a reserve currency pool worth $100 billion was set up by BRICS members. [8] The president, Development Bank of BRICS Countries, Shri K.V. Kamath calls on the prime minister, Shri Narendra Modi, in New Delhi on May 28, 2015. On 11 May 2015, K. V. Kamath was appointed as the president of the bank. [9]
“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump posted on social media. ___