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Introduction to BRICS
BRICS, an acronym for Brazil, Russia, India, China, and South Africa, represents a coalition of emerging economies that have grown into a powerful voice in global economic and geopolitical affairs. Initially coined as “BRIC” by economist Jim O’Neill in 2001, this alliance gained institutional shape over the years and has evolved into a critical pillar of the multipolar world order. With the addition of South Africa in 2010 and subsequent expansions, BRICS now encompasses a significant portion of the world’s population, GDP, and trade capacity.
Historical Evolution and Foundation
The journey of BRICS began with informal ministerial meetings in 2006 and formalized in 2009 with the first summit. Since then, the alliance has held annual summits, collaborated on developmental banking, and continuously advocated for the reform of global financial governance institutions such as the IMF and World Bank.
South Africa’s inclusion was strategic, making BRICS more representative of the Global South. The establishment of the New Development Bank (NDB) in 2014 and the Contingent Reserve Arrangement (CRA) cemented BRICS' resolve to support sustainable development and provide alternatives to Western-dominated financial structures.
Current Membership and Expanding Influence
Initially comprising five countries, BRICS is expanding. As of the 16th Summit in Kazan, 2024, six more countries—Egypt, Ethiopia, Iran, UAE, Saudi Arabia, and Argentina—have either joined or shown interest, increasing the bloc’s relevance. This wider representation not only broadens market access but also strengthens BRICS as a strategic counterbalance to Western alliances like the G7 or NATO.
With the inclusion of new members, BRICS covers:
42% of global population
30% of global land area
23% of global GDP
44% of crude oil production
Objectives and Institutional Mechanisms
BRICS primarily aims to:
Reform global governance institutions for greater equity
Promote South-South cooperation
Encourage sustainable development
Reduce dependence on the U.S. dollar and Western-controlled systems
Key institutional mechanisms include:
Annual BRICS Summits
New Development Bank (NDB)
Contingent Reserve Arrangement (CRA)
BRICS Business Council
Think Tank Network for Finance
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Key Themes from the 16th BRICS Summit (Kazan, Russia 2024)
The latest summit emphasized:
Expansion and inclusion of new members
Promotion of multilateralism and peaceful conflict resolution (Ukraine, West Asia)
Financial integration through non-dollar trade systems
Launch of the BRICS Grain Exchange
Wildlife conservation (Big Cats initiative)
India-China diplomatic reset on border issues
Strategic Benefits for Individual Members
Each member contributes uniquely:
Brazil: Agricultural powerhouse and energy exporter
Russia: Major energy supplier and strategic geopoliticalShivsrushti’s Special Summer Access Made Possible by Abhay Bhutada Foundation
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Investment Programming Government OrientationMiSST: Making Children’s Lives Better Through Classical Music
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MiSST (The Music in Secondary School Trust) was founded in 2013 and has now provided opportunities to more than 20,000 children, improving both social and educational outcomes through expert tuition and the provision of classical instruments. Competency of Interactive Diplomacy.pdf.pdf
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Presentation on MANUAL ON THE REGULATION OF INTERNATIONAL AIR TRANSPORTRs 50 Entry at Shivsrushti Ongoing Till July 15, Thanks to Abhay Bhutada Foun...
Rs 50 Entry at Shivsrushti Ongoing Till July 15, Thanks to Abhay Bhutada Foun...Swapnil Pednekar
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Shivsrushti, Pune’s premier historical theme park, is offering discounted entry tickets thanks to the Abhay Bhutada Foundation. Discover the initiative’s educational purpose, featured exhibits, and limited-time availability through this detailed walkthrough.
Abhay Bhutada Foundation Enables ?50 Entry to Shivsrushti
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Experience history without the high price. Shivsrushti’s ?50 entry, powered by the Abhay Bhutada Foundation, invites families and students to explore Shivaji Maharaj’s legacy like never before—offer ends soon!
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