Important Things to Know About the BRICS

The BRICS is a grouping of the world economies of Brazil, Russia, India, China, and South Africa, founded in 2009. It was formerly called the BRIC, with South Africa joining in 2010 after being invited by China. BRICS is considered one of the most powerful economic groups in the world.

The idea behind the BRICS is that the economies of the nations will come together and dominate global growth. Having a focus on multilateral trade and development, the BRICS countries make up about 40% of the world’s population, 26.7% of the world’s surface area, 25% of the world’s total economic output, and one-fourth of the world economy. With a combined GDP of $25 trillion, this group is larger than the US and EU.

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The BRICS economy was first grouped by an economist who wanted to talk about the major developing countries in the world, and It was a reference to a major developing economy. After this, the countries involved saw it as a good idea to team up.

Members of the BRICS get a one-year chairmanship of the group on a rotation basis, right now, South Africa holds the presidency of the BRICS. A good number of countries have shown interest in joining the group amid a world order dominated by the US and its Western allies.

This year, the chairman of the BRICS says over 40 countries have expressed their interest in joining the BRICS, including Iran, Saudi Arabia, Ethiopia, Bolivia and Argentina.

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Members of the BRICS are divided by the expansion. China wants the group to get bigger because of the friction with the US and South Africa. Russia hopes to soften its diplomatic isolation. Brazil is on the sceptical side. India wants the BRICS expansion to be strictly based on consultation and consensus. The BRICS have indeed spoken about introducing a common currency to shut out the West’s control over the group of trading nations.

They have also announced plans to trade with each other. One of the establishments of the group is the BRICS Bank. The BRICS have also talked about building their own undersea optical fibre to link all the member countries directly.

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The only problem with this undersea optical fibre is that Brazil is the farthest away from the other countries.