What is BRICS? 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦
#Brazil #Russia #India #China #SouthAfrica #Geopolitics
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What is BRICS? BRICS, or Brazil, Russia, India, China and South Africa is a group of five leading emerging economies.
BRICS emerged in 2001 as BRIC (Brazil, Russia, India, and China), and was later joined by South Africa in 2010. The grouping became a formal geopolitical entity from 2009 onwards, with summits and coordination of policies.
The BRICS countries account for around 27% of the world’s land surface and around 42% of the global population. The grouping is considered a competitor to the ‘G7’ bloc, with competing institutions and initiatives in the areas of development economics, financial reserves, currencies, and payments.
BRICS is not without issues. The countries have drastically different political systems and less integrated economies which differ wildly in size. It remains to be seen whether this grouping will remain a potent, unified force in world politics.
