BRICS is an intergovernmental association comprising 21 countries: 11 full member states and 10 partner countries. The BRICS group includes the Russian Federation, the Federative Republic of Brazil, the Republic of India, the People’s Republic of China, and the Republic of South Africa, as well as countries that joined in subsequent years: the United Arab Emirates, the Arab Republic of Egypt, the Islamic Republic of Iran, the Federal Democratic Republic of Ethiopia, the Republic of Indonesia, and the Kingdom of Saudi Arabia. In addition, ten more countries participate in cooperation with the association in a partner capacity.
The organization was founded in June 2006 during the St. Petersburg Economic Forum with the participation of the ministers of economy from Brazil, Russia, India, and China. Later, in 2010, South Africa joined the organization.
Discussion of current economic issues and regional challenges, the development of new trade and financial strategies, and the expanding of cooperation in humanitarian, cultural, and sports areas.
Relations between BRICS member countriess are based on the principles of equality and mutual benefit.
Thus, he identified the group of four countries (Brazil, Russia, India, China) whose economies, in his view, are expected to grow faster than the rest of the world due to their potential and low starting base.
The similarity of the organization’s name to the word “brick” is no coincidence. It emphasizes that, thanks to the development of these countries, much of the future growth of the global economy will be built upon them.
According to Jim O’Neill’s estimates, by 2050 these countries could become the dominant economic powers.
The BRICS chairmanship is held by a member country on a rotating basis for one calendar year.
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