BRICS Full Form – What is BRICS?
BRICS full form, do you know what is the full form of BRICS, and what is the meaning of BRICS, do you know what is BRICS. If your answer is no, then there is no need to be sad because today we are going to give you complete information about BRICS in this post, then friends read this post till the last to know BRICS Full Form and complete history of BRICS.
|BRICS Full Form|
BRICS Full Form
The full form of BRICS is Brazil, Russia, India, China and South Africa. BRICS stands for Brazil, Russia, India, China and South Africa. It is a federation of five major emerging economies of the world. Let us now get other information about it in common language.
BRICS is an organization of the countries of Brazil, Russia, India, China and South Africa. Its first summit was held in the form of BRICS in 2009. Friends, South Africa was included in this in 2011. You should know that 25% plus of world GDP and 40% plus of world population are with these countries. The biggest objective behind establishing this organization was to make a significant contribution to the world class business by these 5 countries in the future.
BRICS is an organization of an emerging economy, which includes the economies of 5 big countries. The names of these 5 big countries are Brazil, Russia, India, China, South Africa. The term BRICS was formed by combining the first letters of these countries. The economy of the country which is in these is growing rapidly.
The economy of all the countries involved in BRICS is very strong and in 2001, Jim O’Neill had put forth a publication called ‘The World Needs Better Economic Brick’ regarding this economy, in which Jim O’Neill talked about the economy of BRICS countries. Was called a very strong economy. Friends Jim O’Neill used to work as a director at that time in the Goldman Sachs Group, a multinational investment bank and financial services company in America. At the same time, he did research on the economy of Brazil, Russia, India, China and after analyzing the economics of these countries, he published his research.
Jim O’Neill wrote in his publication that the four BRIC countries Brazil, Russia, India, China are developing rapidly and the combined economies of these countries for the coming 50 years, are currently larger than the economies of the world’s richest countries. is going to happen. Because the market of these countries is very big and is also growing rapidly. In this publication Jim O’Neill used the word BRIC for the names of these four countries and this word was made from the first word of the names of these countries.
What is the BRICS conference, its subject and history?
BRICS is a federation of five major emerging national economies: Brazil, Russia, India, China and South Africa. BRICS is an independent international organization. Which encourages commercial, political and cultural cooperation between BRICS nations. BRICS was originally known as BRIC before joining South Africa in 2010. Brazil, Russia, India, China and South Africa are included in BRICS. Brazil, Russia, India, China and South Africa A brief story of the combined economy of Brazil, Russia, India, China and South Africa. Economists called Goldman Sachs the British term in 2003. Experts estimated that by 2050 Till date will be the most effective of these four Economies.
BRIC was formally established in July 2006 after a meeting of the leaders of Russia, India and China on the sidelines of the G8 countries seminar in Saint Petersburg, Russia. This was followed by a meeting of the Foreign Ministers of the BRIC countries in New York in September 2006 and in this the formal launch of the BRIC took place. The first BRIC seminar was held on June 16, 2009 in Yekaterinburg, Russia. After this, in September 2010, at the meeting of the Foreign Ministers of BRIC in New York, it was decided that while expanding the organization, it should also include South Africa. After this the name of the organization became BRICS (Brazil, Russia, India, China and South Africa). The BRICS summit was held in Sanaya on 14 April 2011 in which South Africa also participated. Last year, the 10th anniversary of the BRICS countries was celebrated in Johannesburg, South Africa.
This association was initially called BRIC before the inclusion of South Africa in the year 2011. BRICS members are known for their rapidly growing economies and their impact on global affairs. All five nations are members of the G-20. BRICS was formed for two major reasons which are as follows, to be able to plan and implement development and affordable schemes in member countries without having to depend on any foreign organization to become an alternative to the World Bank and the International Monetary Fund. The term “BRIC” was coined by Goldman Sachs economist Jim O’Neill in 2001 to challenge our supremacy to a self-managed organization, without relying on a foreign organization. Used this term in his report on Growth Prospects for Economies of India.
The first BRIC Summit was held in Yekaterinburg, Russia on 16 June 2009. Since 2009, the group has held annual summits and member countries take turns to host the summit. The aim of the summit is to promote political, business and cultural cooperation and strengthen global economic ties between members.
As of 2015, the population of these five countries was about 3 billion; about 42% of the total population of the world and, the GDP of these five countries was equal to about 20 percent of the gross world product. It is estimated that the combined GDP of BRICS will be $50 trillion by 2020. To act, encourage and achieve bridges between developed and developing countries so as to help developing countries gain benefits in trade and climate change negotiations, so as to provide economic cooperation, education, culture and environment related notifications. Its basic objective is to create a platform for exchange.
ENGLISH LETTERS BRICS The word ‘BRICS’ is a group of five emerging economies of the world. As can be guessed from the name, these countries are Brazil, Russia, India, China and South Africa. Before joining this economic group of South Africa this year, it was called ‘BRIC’. Jim O’Neill is the originator of the term ‘BRIC’. O’Neill first used this term in his paper in 2001. The paper was titled, ‘Building Better Global Economic BRICS.’ O’Neill is associated with international financial consultancy Goldman Sachs. Goldman Sachs has since updated this report twice.
Eight years after this famous paper by Jim O’Neill, the first summit-level official meeting of BRIC countries was held on 16 June 2009 in Yekateringburg, Russia. But before this, the Foreign Ministers of BRIC countries had a meeting in May 2008. After this, in the year 2010, the summit of BRIC was held in Brasilia, capital of Brazil. In the year 2011, the summit of this economic group is being held in Sanaya city of China. Differences and issues: BRICS countries want to work together on economic issues, but some of them have huge disputes on political issues. Among these disputes, the border dispute between India and China is prominent.
Despite the warmth in relations, India and China find each other standing across a disputed and militarized border. India is also uneasy about China’s relations with Pakistan. Not only this, there are differences between these five countries even on formalizing the BRICS. For example, no consensus has been reached on making the secretariat of BRICS as of now. Also, there is no clear idea on how and when to add new members to the group. The conferences held in Russia and Brazil did not reach any concrete conclusion. Apart from this, India, Brazil and South Africa have strong democratic systems and these countries are known for their close relations with America. But in this group is also China, which has a communist regime and has little tolerance for non-communist political activities.
Brazil has expressed concern over deliberately keeping China’s currency Yuan cheap. China has made it clear that the issue of Yuan cannot be raised for debate in BRICS.
He told the news agency Reuters, ‘Except economic issues, there are big differences between the countries of BRICS. There is a big competition between India and China. Apart from this, there is a possibility of competition in China and Russia in the future. It is difficult to say that there are some concrete achievements from the conference being held in Sanya, China. But there will definitely be an effort to coordinate on common economic issues in the emerging economies of the world. Chris Alden of the London School of Economics told Reuters, ‘This is an important meeting. This year a new member has joined BRICS. And this group has tried to present itself politically. This group wants to represent the entire emerging and developing world. This is the rationale behind the inclusion of South Africa. With the joining of South Africa in the BRICS, this group has shown signs of expansion and perhaps a clear roadmap will be prepared for the entry of new countries in this conference. To fulfill the dream of representing emerging and developing countries, the need to make this group a formal organization cannot be denied.
BRICS: Issues and Differences-
*Border dispute between India and China.
*India uneasy about China’s relations with Pakistan.
There is no consensus on giving BRICS a formal appearance, there is no consensus at the moment even on creating a secretariat.
*Not a clear view on the admission of new members.
*No concrete result of the first two conventions.
*Nil tolerance for non-communist political activities in China.
In contrast, strong democracies in India, South Africa and Brazil.
* Brazil worried about deliberately keeping China’s currency Yuan cheap.
*China not ready for debate on Yuan in BRICS.
What is BRICS?
BRICS is a grouping made up of five emerging economies Brazil, Russia, India, China and South Africa. Proposed by Goldman Sachs in 2001, this group of five emerging countries from different regions of the world is increasingly being seen as the center of global power change. Its main goal is to promote cooperation, policy coordination and political dialogue on international economic and financial matters. But since its inception, BRICS has expanded its activities, particularly to hold regular group meetings, to act as a coordinator in international organization, and to formulate agendas for multi-sectoral cooperation among its members. The group was formed with the first Heads of State Summit held in 2009. After this, the group met every year to discuss various issues of global importance. In this research paper, in the backdrop of completion of its tenth year with the proposed BRICS Summit in Johannesburg, South Africa from 25-27 July, 2018 by BRICS to consider the key areas of socio-economic cooperation of BRICS since its inception. has been attempted. In this process, a comparative analysis of the Summit level announcements has been done to assess the progress made on the implementation of the commitments and important issues.
Organizations of Brazil, Russia, India, China and South Africa are jointly called BRICS. This organization was established in the year 2006. Earlier it was named BRIC because it started with Brazil, Russia, India, China, but later South Africa was also included in it. Every year there is an annual conference of BRICS countries in which their top leaders are involved. The last i.e. 10th BRICS Summit was held in South Africa on January 8, 2018. Now 13 years later, BRICS has become a powerful organization and its five economies account for 42 percent of the world’s population, 23 percent of global GDP and about 17 percent of global trade.
How was BRICS formed?
On November 30, 2001, UK Economist and Chairman of Goldman Sachs Asset Management Company Jim O’Neill used the term ‘BRIC’ to describe the four emerging economies Brazil, Russia, India and China. He wrote in a paper that these four economies, individually and collectively, could achieve greater economic space and would become the world’s largest economies in the next 50 years. Then he wrote that from 2001 to 2002, the real GDP growth of the big emerging countries would exceed that of the G-7 countries. At the end of the year 2000, the GDP of BRIC countries had reached 23.3 percent of the world.
BRICS issues and differences-
Border dispute between India and China.
BRICS does not have a clear view on the admission of new members.
India uneasy about China’s relations with Pakistan.
No concrete result of the first two conventions.
There is little tolerance for non-communist political activities in China.
Brazil worried about deliberately keeping China’s currency Yuan cheap.
Some other information about BRICS?
The full name of BRICS is Brazil, Russia, India, China and South Africa. It is a federation of five major emerging economies of the world. Five major emerging emerging economies have been included in this association. The association was initially called BRIC before the inclusion of South Africa in the year 2011. The members of the BRICS are known for their rapidly growing economies and their impact on global affairs, with all five nations being members of the G-20.
BRICS was formed for two main reasons which are as follows –
The main reason for this is to become an alternative to the World Bank and the IMF to challenge American supremacy.
To provide a self-managed organization capable of planning and implementing developmental and economical plans in member countries without being dependent on any foreign organization
The first BRIC summit was held on June 16, 2009 in Yekaterinburg, a very beautiful city in Russia. Since the year 2009, the group has held annual summits and member countries take turns to host the summit, the summit aims to promote political, commercial and cultural cooperation and enhance global economic ties between members. have to strengthen.
As of 2015, these five countries had a population of about 3 billion; About 42% of the world’s total population and, together, the GDP of these five countries was equivalent to about 20% of the gross world product. It is estimated that the combined GDP of BRICS will be US$ 50 trillion by 2020.
BRICS – Brazil, Russia, India, China and South Africa
BRICS is a grouping of five major emerging economies that account for 43% of the world’s population, account for 30% of the world’s GDP, and account for 17% of world trade. The acronym BRIC was first used in the year 2001 by Goldman Sachs in its global economic paper “The World Needs Better Economic Bricks”, in which it was estimated on the basis of economic analysis that in the coming time Brazil, Russia, India and China’s economies will individually and collectively control the world’s economic sectors and will be among the world’s largest economies in the next 50 years.
BRIC was launched as a formal group after the meeting of the leaders of Russia, India and China on the sidelines of the G-8 Outreach Summit Seminar in July 2006 in St. Petersburg. BRIC was formalized during the first meeting of the BRIC Group of Foreign Ministers on the sidelines of the United Nations General Assembly in New York in September 2006. The first summit of ‘BRIC’ was held on June 16, 2009 in the city of Yekaterinburg, Russia. In September 2010, at the meeting of BRIC Foreign Ministers in New York, it was agreed to expand BRIC to BRICS by including South Africa. Accordingly, South Africa attended the third BRICS summit seminar held in Sanya, China on 14 April 2011.
So far seven BRICS conferences have been held. India will host the 8th BRICS summit seminar in the year 2016 under its chairmanship. The details of the previous summits are as follows:-
7th BRICS Summit – 8-9 July, 2015 in Russia (Ufa)
6th BRICS Summit – July 14-16, 2014, in Brazil (Fortalija)
5th BRICS Summit – March 26-27, 2013, in South Africa (Durban)
4th BRICS Summit – March 29, 2012, in India (New Delhi)
3rd BRICS Summit – April 14, 2011 in China (Sanya) PDF
2nd BRIC Summit – April 16, 2010, in Brazil (Brasilia)
1st BRIC Summit – June 16, 2009, in Russia (Yekaterinburg)
History of BRICS – BRICS Full Form
The BRICS organization is run by very strong Economies. For this organization, the people of Jim released a publication called. In this publication ‘The World Needs Better Economic Brick’, the economy of these countries was addressed as very strong economy. There is a Goldman Truth Group in America. It is a multinational investment bank and financial services company. Jim O’Neill served as the director of the Goldman Sachs Group. He did a research on the economy of Brazil, Russia, India, China. After completing his research, he published his research.. The first papers from Brazil, Russia, India, China were taken in the book published by him. He briefly referred to it as BRIC. According to him, in the next 50 years, the economies of these countries will be one of the richest economies in the world. The main reason for this is that the market in these countries is huge. And it is expanding.
Differences in BRICS countries –
There is a border dispute between India and China.
No clear guidelines have been given regarding the admission of new members in this organization.
Issues by China are more complicated in the India-Pakistan dispute.
No decision was taken on the first two conferences of this organization.
In China, participation in non-communist political activities is not allowed.
Brazil is trying to make China’s currency Yuan cheaper.
Objective of making BRICS-
If it is told that the US dollar is a major currency in the world making BRICS main, and the goal of BRICS countries is to use other currencies instead of this currency to strengthen those currencies on the world level. The second biggest objective of creating BRICS is to create a special trade block for developing countries. Because developed countries have a lot of dominance over the developing countries in the field of trade and to eliminate this dominance, a target has been made by the BRICS countries to create a trade block. Apart from this, the BRICS group also acts as a bridge between developed and developing countries and is also helping developing countries to develop them.
When was BRICS started?
In the year 2006, a session of foreign ministers of the BRIC nation was held in New York and during this session India, Brazil, Russia and China together discussed the establishment of BRIC. Three years later, i.e. in 2009, these countries held their first conference in Russia.
Reasons for the formation of BRICS
The reasons for the formation of BRICS are as follows- An attempt has been made to challenge American supremacy by this formation. It is presented as an alternative to the World Bank and the IMF. The main reason for this is to prepare the framework of development in the member countries without relying on any foreign organization. In this, the self-managed organization has to take decisions for the interest of the member countries. Its first summit was held on June 16, 2009 in Yekaterinburg, a very beautiful city in Russia. Meetings are organized between the member countries to host the summit. In all these meetings, plans are made for hosting the next summit.
Summit level analysis shows growing affirmative intra-BRICS cooperation to contribute to global stability, development and cooperation. Established at the time of the global recession, BRICS has expanded areas of cooperation, becoming a dialogue and coordination forum promoting global governance reform and multilateral engagement. In the nine summits held so far, BRICS has not only coordinated various multilateral and multilateral initiatives, but also expanded its intra-BRICS cooperation to facilitate market connectivity, financial integration, infrastructure connectivity and people-to-people contacts. It is also clear that the group has been a key factor in the gradual transformation and reform of global governance, including reforming the IMF to make it more representative and inclusive. The main focus of the first five summits of BRICS was to strengthen its position in international economic and financial issues to promote strong, sustainable and balanced growth. Beginning with the Sixth Summit in 2014, BRICS has been instrumental in promoting social development, particularly in tackling poverty and inequality.
The main achievement of BRICS in terms of its progress can be seen in the creation of various institutional mechanisms including NDB, CRA and ARC. India’s role in this institutionalization process has been remarkable, especially in the development of the NDB. India has played a role in making the platform more institutionalized by organizing various meetings, workshops and other related events. It is seen that BRICS has gained recognition as an important group. But the group needs to prioritize certain areas to maintain its relevance. First, there is a growing trend of protectionism among countries in the global economy, leading to the fear of ‘trade wars’. In such a precarious situation, BRICS needs to work friendly towards expediting the implementation of the commitments made at various summits, especially maintaining a free and inclusive global economy that is non-discriminatory, transparent and rules-based. rests on the multilateral trading system.
Secondly, apart from reforming the permanent membership of the UNSC, there is an equal emphasis on reforming other economic and financial institutions so that the goal of an equitable international order can be achieved in true spirit. Although more emphasis has been placed on reform of international financial institutions – the IMF and the World Bank, as the BRICS emerged as a group to address some of the challenges faced by global governance processes during the GFC, its declarations include reforming the United Nations. There is no direct mention, in particular, of the extension of the UNSC standings. Overall, BRICS countries should make constant efforts to maintain a united stand on many issues of socio-economic importance. These issues include, in particular, global governance reform for greater representation of developing countries, in order to reduce the growing trend of protectionism, agriculture, science and technology, education and health and many international forums including WTO, G20 and other forums. But it involves working more co-ordinated.