The BRICS is a bloc made up of Brazil (B), Russia (R), India (I), China (C) and South Africa (S).
BRICS is an acronym used to name the group formed by Brazil ( B ), Russia ( R ), India ( I ), China ( C ) and South Africa ( S ). These are the five most important nations with emerging or recently industrialized economies on the planet.
In 2001 , the English economist Jim O'Neill postulated the idea of BRIC : the bloc formed by Brazil , Russia , India and China . Seven years later, these countries took on the concept and began to meet to work together. Years later, South Africa also joined these meetings and thus BRICS was born.
BRICS Characteristics
The members of the BRICS are considered to be countries that have similar characteristics and that have the necessary capacity to become economic powers worldwide. That is why the five nations decided to ally and collaborate with each other with this common goal .
The BRICS members have very large populations and extensive territories, two characteristics that give them great potential. In recent years, they have also achieved significant development of their GDP ( Gross Domestic Product ) and their intervention in international trade.
There are experts who maintain that, in 2050 , the countries that make up BRICS will become leaders in the global economy. Mexico and South Korea could join the bloc on this journey, since they are two other important emerging economies .
The countries that make up the BRICS have growing importance in the international context.
Other information of interest
Another series of relevant aspects regarding the BRICS are the following:
- They represent 43% of the world's population.
- It is considered that they move around 20% of investment worldwide.
- Economic scholars indicate that the BRICS are displacing, to a certain extent, both the United States and Europe in world power.
- Voices are raised from the group indicating that both the IMF ( International Monetary Fund ) and the WB ( World Bank ) are bodies that fundamentally defend the interests of certain countries, such as the United States . Hence, they have opted to shape the BRICS as a way to become strong and fight together to change the panorama.
- Among the projects they are analyzing would be the implementation of a foreign currency reserve mechanism as well as its own bank.
- The main functions it carries out refer to multi-sector cooperation, coordination at the political level and economic-financial support.
- The detractors of this group claim that the BRICS , at an economic level, follow the American model and consider that the countries that comprise it do not have so many aspects in common.