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What is the full form of BRICS – BRICS Meaning

What is the full form of BRICS – BRICS Meaning

What is the full form of BRICS

Full Form of BRICS is Brazil Russia India China And South Africa.

The Full Form of BRICS is Brazil, Russia, India, China and South Africa. Basically, it is an association of five dominant emerging economies of the world. These five dominant emerging economies are Brazil, Russia, India, China and South Africa.

Originally, this association was called as BRIC till the inclusion of South Africa in 2011. All of the BRICS members are known for their fast-growing economies with their influence on global affairs. These five dominant emerging economies are also the members of G-20 association.

Originally, the BRICS was formed for the following two major reasons:

  1. To become an alternative of the  IMF and World Bank and to challenge US Supremacy in the world.
  2. To offer a self-managed organization which is capable of planning, can execute developmental and can also execute economical plans in member countries without depending on others organization.

BRICS History

The word “BRIC” was invented by the economist Jim O’Neill, of Goldman Sachs in 2001. He often used to used this term in his report of growth prospects for the economies of Brazil, Russia, India and China.

The very first BRIC summit was held on June 16, 2009, in Yekaterinburg, Russia. Afterwards, it is conducting annual summits at different locations throughout the five countries.

The main motto of this summit is to promote the commercial, political, and cultural cooperation. It also works to encourage global economic relations among the members.

Till the end of 2015, the population of BRICS members was around 42 % of the total world population. Whereas the GDP  was equal to the approximately 20 % of the Gross World Product.

The combined GDP of BRICS would is estimated as to be US$50 trillion by 2020.

 BRICS Key Objectives

The followings are the main objectives of the BRICS:

  1. To support, promote and achieve regional development
  2. To offer a self-managed organization which is capable of planning.
  3. To become an alternative of the  IMF and World Bank and to challenge US Supremacy in the world.
  4. To act as a bridge between developed and developing nations
  5. To establish a platform between economic cooperation to share information related to education, culture and environment.
  6. To assist the developing countries in achieving an advantage in negotiations regarding trade and climate change.

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