The first meeting held in 2006, how and who named it, do you know these things related to the BRICS meeting PM went to Johannesburg to attend?

BRICS, the acronym for Brazil, Russia, India, China and South Africa, is set to hold a three-day summit in Johannesburg from Tuesday. The 15th BRICS summit will run from 22 to 24 August. This is the first in-person BRICS meeting since 2019. The summit will be closely watched by the West as the agenda put on the table does not suit its interests. Not a single member of this group has chosen to impose sanctions on Russia or condemn it at the United Nations. In addition, BRICS is promoting the concept of de-dollarization, which would undermine the US dollar’s function as a global reserve currency. Representing 23 percent of the world’s gross domestic product (GDP) and 42 percent of the world’s population, they are seeking to undermine Western economic dominance in global affairs. India’s Prime Minister Narendra Modi has left to attend the BRICS meeting. In such a situation, what is BRICS, which countries can join it and why it is important. Let’s tell about it.

What is BRICS and why is it important

BRICS is a grouping of the world’s five fastest growing economies. Each letter in this BRICS represents a country in the group. These countries are Brazil, Russia, India, China and South Africa. Experts say that by the year 2050, China and India will be the suppliers of the group, while Russia and Brazil will be the biggest suppliers of raw materials. BRICS countries account for 40% of the world’s population. The share of this group in global GDP is about 30%.

How did the name BRICS come about?

The term BRICS was coined by British economist Jim O’Neill. He invented the term while working at Goldman Sachs. Earlier this word used to be BRIC. Later, S. was included in it. When South Africa joined it in the year 2010, it became BRICS. There was a meeting of BRIC countries in 2006. At that time only four countries were involved in it.

Which other countries have shown interest in joining?

Member countries decide by mutual consent on the application to become a member of this organization. Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia and the UAE have applied to join the group. Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela and Zimbabwe have also shown interest in membership.

First physical meeting after Kovid Era

This will be the first physical presence meeting of the leaders of the BRICS i.e. group of five countries after the era of the Kovid 19 pandemic.