BRICS Summit 2024: List, Members, Hosting Country, Purpose & More for UPSC Notes

BRICS Summit UPSC Notes: The BRICS Summit is a significant annual event where the leaders of five major emerging economies—Brazil, Russia, India, China, and South Africa—meet to discuss and cooperate on global political, economic, and social issues. For UPSC aspirants, understanding the BRICS framework, its objectives, and its relevance to India’s foreign policy is crucial. This article will provide a comprehensive overview of the BRICS Summit, focusing on its formation, objectives, key achievements, and its importance for the UPSC exam.

BRICS Summit 2024 Hosting Country

The 16th annual BRICS summit of 2024 is currently underway in Kazan, Russia. Leadera from Brazil, Russia, India, China, South Africa and other newly added countries are gathering to discuss key global economic and political issues.

BRICS Meeting Date

The 16th annual 2024 BRICS summit is currently taking place in Kazan, Russia, from 22 to 24 October 2024 and consists of the namesake five countries: Brazil, Russia, India, China, and South Africa, as well as the first meeting for the new members: Egypt, Ethiopia, Iran, and the United Arab Emirates.

BRICS Nations List

BRICS consists of five nations. The complete list of BRICS member countries is as follows:

• Brazil
• Russia
• India
• China
• South Africa (Joined in 2010)

New Members in BRICS (Effective January 1, 2024):

The following are the new members in BRICS, effective from January 1, 2024: 

• Iran
• Egypt
• Ethiopia
• United Arab Emirates
• Saudi Arabia (pending confirmation)

BRICS Full Form

BRICS stands for Brazil, Russia, India, China, and South Africa. It is a group of these five emerging economies that collaborate on political, economic, and cultural issues, aiming to enhance development and cooperation globally.

Formation And Background Of BRICS

The term BRIC was coined by economist Jim O'Neill in 2001 to describe four fast-growing economies—Brazil, Russia, India, and China—believed to be future global economic powerhouses. The grouping was formalised in 2006 when the foreign ministers of these nations met on the sidelines of the United Nations General Assembly. South Africa was invited to join in 2010, making it BRICS.

Since its inception, BRICS has served as a platform for dialogue and cooperation among its members. These countries collectively represent about 41% of the world’s population, 24% of the global GDP, and 16% of world trade. The annual BRICS Summit is the most prominent event within the BRICS framework.

Objectives Of BRICS

The primary objective of BRICS is to promote peace, security, development, and cooperation among its member countries. The group's broader goals include:

• Promoting economic growth and development: BRICS aims to support sustainable development by facilitating trade, investment, and infrastructure development.
• Reforming global governance: BRICS advocates for reforms in international institutions like the United Nations, the International Monetary Fund (IMF), and the World Bank to make them more representative of emerging economies.
• Enhancing political and security cooperation: The member countries work together on combating terrorism, organised crime, and promoting global peace.
• Technological and cultural exchanges: BRICS promotes cooperation in areas such as science, technology, and education to ensure mutual development.

List Of BRICS Summit

BRICS Structure

BRICS has a flexible structure, with no formal headquarters or secretariat. It operates through a system of meetings and summits held annually. Several working groups and subcommittees focus on areas like trade, health, agriculture, and education.

Key mechanisms within the BRICS framework include:

• New Development Bank (NDB): Established in 2014, the NDB funds infrastructure and sustainable development projects in BRICS and other developing nations.
• Contingent Reserve Arrangement (CRA): This is a financial safety net aimed at providing liquidity support to members in times of balance of payments crises.
• BRICS Academic Forum: This platform encourages educational and research collaborations among universities in BRICS nations

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