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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. BRIC was originally a term coined by British economist Jim O'Neill and later championed by his employer Goldman Sachs in 2001 to designate the group of emerging markets.
While Egypt, Ethiopia, Iran, and the United Arab Emirates were not admitted as members during the 15th BRICS summit, they were among 22 countries applying for membership. South African Minister of Finance Enoch Godongwana said “There is a second batch of countries that are going to be added [to] BRICS." This means that there are plans for ...
The G20 forum of developing states includes all the BRIC countries. South Africa sought BRIC membership since 2009 and the process for formal admission began as early as August 2010. [33] South Africa was officially admitted as a BRIC nation on 24 December 2010, after being invited by China and the other BRIC countries to join the group. [34]
BRICS membership could also lead to increased tourism from member countries, particularly China and India. Thailand may also be interested in BRICS as a way to jump-start its flagging economy.
Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have confirmed they are joining the BRICS bloc after being invited last year, South Africa's Foreign Minister Naledi Pandor said on ...
During a summit held in South Africa, the BRICS group of nations also approved a resolution to study in the future the creation of "a new currency of payments". Interest from countries to join ...
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]
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 .