BRICS is an acronym that represents five major emerging economies: Brazil, Russia, India, China, and South Africa. This association aims to foster cooperation across multiple domains, including economics, finance, culture, and geopolitics.
The 15th BRICS Summit is set to occur in Johannesburg, South Africa, from August 22 to 24, 2023. Notably, Russian President Vladimir Putin will participate in the summit virtually.
The concept of BRICS was introduced by economist Jim O'Neill from Goldman Sachs to highlight the potential of these countries to reshape the global economy by 2050. Initially known as RIC (Russia, India, China), it evolved to BRIC with Brazil's inclusion in 2009, and later became BRICS with South Africa joining in 2010.
BRICS aims to establish a more equitable, multipolar world. Key objectives include:
One notable accomplishment is the establishment of the New Development Bank (NDB) in 2015, with an initial capital of $100 billion to finance sustainable development and infrastructure projects among member nations. Additionally, the Contingent Reserve Arrangement was created to safeguard member economies from financial instability.
Several countries, such as Egypt, the UAE, Uruguay, and Bangladesh, have expressed interest in joining BRICS. While China supports this expansion, other member states are cautious, emphasizing transparency and consensus in the admission process.
Expanding BRICS could enhance its global influence and provide economic support to new members. However, it may complicate decision-making and require careful evaluation of how new entrants align with the group's objectives. The balance between current members' interests and those of new entrants is crucial to avoid deepening divisions.
BRICS has maintained a neutral stance amidst global rivalries, promoting cooperation without taking sides. This approach aims to enhance collaboration among member countries while avoiding confrontational dynamics with Western powers.
BRICS Sherpas play a vital role in the expansion process by defining the guiding principles, standards, and criteria for admitting new members. Their task is to ensure that the expansion process is transparent and strengthens the group's functionality.
As BRICS continues to grow, it holds a significant position in shaping global governance and geopolitics. This growth presents both opportunities and challenges, influencing how member states and potential new entrants engage on the global stage.
Q1. What are the main goals of BRICS?
Answer: The primary goals of BRICS include establishing a multipolar world, reforming global governance, promoting sustainable development, and addressing security challenges like terrorism and cybercrime.
Q2. When did South Africa join BRICS?
Answer: South Africa officially joined BRICS in 2010, completing the group's formation after Brazil, Russia, India, and China initially established it.
Q3. What is the New Development Bank?
Answer: The New Development Bank (NDB) was launched by BRICS in 2015 to finance sustainable development projects in member countries, with an initial capital of $100 billion.
Q4. Why is BRICS expansion significant?
Answer: Expansion is significant as it can enhance BRICS' global influence and economic support, allowing for more impactful decisions and fostering development among a wider range of countries.
Q5. How does BRICS maintain its neutrality?
Answer: BRICS maintains a non-confrontational stance by promoting cooperation among its members while avoiding alignment with either Western countries or opposing blocs like the China-Russia-Iran axis.
Question 1: What does BRICS stand for?
A) Brazil, Russia, India, China, South Africa
B) Brazil, Russia, Indonesia, China, South Africa
C) Brazil, Russia, India, Canada, South Africa
D) Brazil, Russia, India, China, Singapore
Correct Answer: A
Question 2: Where will the 15th BRICS Summit be held in 2023?
A) New Delhi
B) Johannesburg
C) Moscow
D) Beijing
Correct Answer: B
Question 3: In which year was the New Development Bank established?
A) 2010
B) 2012
C) 2015
D) 2018
Correct Answer: C
Question 4: Which country joined BRICS last?
A) Brazil
B) India
C) South Africa
D) Russia
Correct Answer: C
Question 5: What is a key focus area of BRICS?
A) Military cooperation
B) Sustainable development
C) Space exploration
D) Cultural exchange
Correct Answer: B
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