What is BRICS?

Introduction: In this article, we will answer all the questions like What is BRICS its headquarters, member countries, purposes, etc. Apart from that, we will also cover the BRICS summit of 2019.

What is BRICS?

It is an acronym used for the association of five emerging economic nations namely Brazil, Russia, India, China, and South Africa. Initially, it was known as BRIC but later on, South Africa joined this group in the year 2010. After the induction of South Africa, it was formerly known as BRICS.

BRICS
BRICS NATIONs: BRAZIL, RUSSIA, INDIA, CHINA AND SOUTH AFRICA

Key points to remember:-

  • BRIC was founded in June 2006.
  • Its Headquarters is in Shanghai, China.
  • The first formal BRIC summit was held in Yekaterinburg, Russia on 16 June 2006.
  • Brazil, India, China, and Russia are the founders’ member of BRIC.
  • Its meeting is held annually since 2009.
  • The 11th edition of BRICS Summit 2019 is being held in Brasilia, Brazil.
  • The official language of BRICS is English, Chinese, Hindi, and Russian.
  • Official website infobrics.org/
  • NEW Development Bank (NDB) is established by the member nation to support projects through loans, guarantees, and other financial instruments.

Purpose?

The main purpose of this organization is as follows:-

  • Provide financial assistance to member nations.
  • Development of the member nations.
  • Cooperate with the member nations for trade and development.
  • Support projects and infrastructure of the member nation.
  • It also provides financial assistance to countries other than its members.

BRICS summit 2019

  • The BRICS summit of 2019 will be held in Brasilia, Brazil.
  • This is the 11th edition of the summit.
  • The theme for 11th summit is “Economic growth for an Innovative Future
  • Prime Minister Narendra Modi will be attending the summit for the 6th time since 2014.
  • PM Narendra Modi is going to attend this summit for the second time in Brazil. He had attended his first summit in Brazil in 2014.
  • This year’s summit focuses to constitute five working groups on counterterrorism.

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