BRICS: Why was BRICS formed, its full form, objectives & developments

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What is BRICS ? The 14th BRICS Summit will be held virtually on 23rd-24th June 2022. Chinese President Xi Jinping will be hosting the virtual event from Beijing, China. Prime Minister Narendra Modi will be joining the summit virtually from New Delhi.

History of BRICS – What is BRICS

Originally the organization constituted of four member nations. So, their name was BRIC before the introduction of South Africa in 2010. Now, BRICS have a combined area of 39,746,220 km sq with an estimated total population of about 3.21 billion. This constitutes 27% of the world’s land surface and 41% of the world’s population.

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BRICS Full Form

BRICS stands for Brazil, Russia, India, China, and South Africa. It is a Summit held between these 5 countries to discuss on economic and financial conditions of members and how to improve it. The countries co-operate with each other and contribute to each other’s economy. It is an independent organization focusing on the economical, cultural, and political environment of member countries.

BRICS Headquarters

BRICS headquarter is located at BRICS Tower in Shanghai in China. It is now called New Development Bank and provides financial assistance to member countries.

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List of Developments by BRICS so far

• The BRICS Forum, formed in 2011, is an independent international organization that encourages commercial, political, and cultural cooperation between the BRICS nations.
• In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the IMF.
• In March 2013, during the 5th summit, the member countries agreed to create a global financial institution. They stated that they planned to finalize the arrangements for the New Development Bank by 2014. But, disputes related to burden sharing and location slowed down the agreements.
• Then, on 15 July 2014, on the first day of the BRICS 6th summit, this group of emerging economies signed the document to create a US$100 billion New Development Bank (formerly termed as BRICS Development Bank) and a reserve currency pool worth over another US$100 billion.
• Since 2012, the BRICS group has planned an optical fibre submarine communications cable system to carry telecommunications between the BRICS countries. This project was known as the BRICS Cable. This idea was formed due to the alleged spying of the National Security Agency on all telecommunications that flowed across the US.
• In August 2019, the communications ministers of BRICS nations signed a letter of intent to cooperate in the Information and Communication Technology sector. The agreement for the same was signed after the 5th edition of the meeting of communication ministers of BRICS.

BRICS President 2022

China will be presiding 2022 BRICS Summit. The Summit will be held virtually from Beijing, China. In 2021, Prime Minister Modi presided over the BRICS Summit.

BRICS Summit 2022 Venue

BRICS Summit 2022 is being held virtually from Beijing, China. Chinese President Xi Jinping will be hosting the event.

BRICS Summit list from 2009-2022

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