BRICS is an acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries are known for their significant influence on regional and global affairs, particularly in terms of economic growth and development. BRICS was initially formed in 2009 (originally as BRIC before South Africa joined in 2010) as a cooperative platform for discussing economic policies and strategies.
The group aims to enhance collaboration in areas such as trade, investment, finance, and development, promoting a more multipolar global order. BRICS countries together account for a large portion of the world’s population, landmass, and economic output, making them key players in shaping the global economic landscape. The BRICS nations also seek to reform international institutions like the World Bank and the International Monetary Fund (IMF) to better reflect the interests of developing economies.
The BRICS group holds annual summits where leaders discuss various issues, including economic cooperation, geopolitical stability, and sustainable development.
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