Regional economic integration involves countries reducing trade barriers within a geographic region. BRICS is an organization of emerging economies consisting of Brazil, Russia, India, China and South Africa. The BRICS Forum was formed in 2011 to promote economic cooperation between BRICS countries. Key facts about the BRICS countries include their large populations and GDPs, as well as natural resources and industries. The organization discusses issues like the COVID-19 pandemic and Afghanistan at annual summits.
Regional economic integration involves countries reducing trade barriers within a geographic region. BRICS is an organization of emerging economies consisting of Brazil, Russia, India, China and South Africa. The BRICS Forum was formed in 2011 to promote economic cooperation between BRICS countries. Key facts about the BRICS countries include their large populations and GDPs, as well as natural resources and industries. The organization discusses issues like the COVID-19 pandemic and Afghanistan at annual summits.
Regional economic integration involves countries reducing trade barriers within a geographic region. BRICS is an organization of emerging economies consisting of Brazil, Russia, India, China and South Africa. The BRICS Forum was formed in 2011 to promote economic cooperation between BRICS countries. Key facts about the BRICS countries include their large populations and GDPs, as well as natural resources and industries. The organization discusses issues like the COVID-19 pandemic and Afghanistan at annual summits.
Regional economic integration involves countries reducing trade barriers within a geographic region. BRICS is an organization of emerging economies consisting of Brazil, Russia, India, China and South Africa. The BRICS Forum was formed in 2011 to promote economic cooperation between BRICS countries. Key facts about the BRICS countries include their large populations and GDPs, as well as natural resources and industries. The organization discusses issues like the COVID-19 pandemic and Afghanistan at annual summits.
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Regional Economic Integration
• Agreement between group of countries within a geographic region.
• To reduce and ultimately remove the tarrif and non-tarrif barriers. • To facilitate the free flow of goods, services and factors of production between each other. About BRICS • BRICS stands for Brazil, Russia, India, China and South Africa • Jim O’ Neil, chairman of Goldman Sachs Asset Management, coined the BRIC concept in 2001. • BRICS is the international political organization of leading emerging economies. • With the entrance of South Africa at the 3rd BRIC’s Summit in April 2011, the BRIC became BRICS, with capital S. About BRICS Forum • The BRICS Forum was formed in 2011. • It is an independent international organization that works for a structured, social, economic and environmentally sustainable BRICS block. • The Forum offers a platform for members of the BRICS Business Community to discuss and deliberate on key economic cooperation areas and make recommendations on intra-BRICS trade and industry issues. Brazil • 10th fastest growing economies in the last centuries. • Extremely rich in resources such as coffee, sugarcane, crude oil and iron etc. • Focus on equitable development has resulted in significant Poverty reduction. • Textiles, chemicals, iron ore,steel, and motor • vehicles industries. • Brazil today is the most popular of the BRICs so far as foreign direct investment is concerned. Russia • Russia has capability in high-technology sectors. • Accounts for around 20% of the world’s oil and gas reserves. • Fall in the number of people living below the poverty line. • Consumer markrt of over 140 million people. • 68% of people comes under middle income group. • Highly educated workforce. • Third largest expoter of steel and aluminum. India • 1.2 billion people • 2nd largest labour force • Holds second place followed by China in BRICS • Democratic country • Broad knowledge economy. China • 18th fastest growing econoy. • Third largest country in land size. • Biggest of all BRIC Nations GDP wise. • 13% of people come under middle income group. • Holds more than $3 trillion forex reserves. • Largest exporter/importer for 32 and 34 countries respectively. • Cheap labour work force. South Africa • South African economy is now 23rd largest in the world. • Inflation is below 6.6% and falling. • 25% of goods produced in South Africa are reserved for export. • Richest in terms of mineral resources. Potential Members • Indonesia, Turkey, Mexico and Germany have been mentioned as candidates for full membership of the BRICS, while • Egypt, Argentina, Iran, Nigeria, Syria and most recently Bangladesh have expressed interest in joining BRICS. Some of the recent news Headlines • India is the year’s chair of BRICS 13th summit which is held virtually. • BRICS leaders focus on Afghan situation and Afghan based terror infrastructure. • Let’s make BRICS even more result oriented, says Prime Minister Modi • Covid Action plan is a lart of agenda. Few Facts about BRICS • The BRICS countries make up 21% of global GDP. They have increased their share of global GDP threshold in the past 15 years. • The BRICS are home to 43% of world’s population. • The BRICS countries have combined foreign reserves of an estimated $4.4trillion. • The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a mutual development bank operated by the BRICS states, with its headquarters in Shanghai. List of BRICS Summit • 2009 Russia • 2010 Brazil • 2011 China • 2012 India • 2013 S.Africa • 2014. Brazil • 2015 Russia • 2016 India • 2017 China • 2018 S.Africa • 2019 Brazil • 2020 Russia • 2021 India Presented By – Rakshita Batra XI - C
