What is Fullform of BRICS?

BRICS: Brazil Russia India China And South Africa

BRICS is full form for Brazil, Russia, India, China, and South Africa.

  • Initially, the first four were grouped as “BRIC” (or “the BRICs”) before the introduction of South Africa in the year 2010 which was invented in the year 2001 by the chairman of Goldman Sachs Asset Management, Jim O’Neill (actually coined by Roopa Purushothaman).
  • Its General states: 1st time met at New York City in September 2006
  • On June 16, 2009, a full-scale diplomatic gathering was conducted in Yekaterinburg, Russia.

Represented by:

  • Brazil: Lula da Silva
  • Russia: Dmitry Medvedev
  • India: Manmohan Singh
  • China:  Hu Jintao
  • Organization leaders regularly attend summits together and frequently act in harmony with one another’s interests. It is predicted that by 2050, these economies would be wealthier than the majority of the world’s main economies.
  • The lower labour and production costs in the BRIC countries would account for this economic development.
  • Many businesses see this countries as potential for international expansion or foreign direct investment (FDI) from other countries.
  • Expansion of foreign businesses takes place in countries with promising economies.
  • Presently, there are main two components that make up the financial architecture of BRICS
    • 1. New Development Bank, also known as BRICS Development Bank
    • 2. BRICS CRA : BRICS Contingent Reserve Arrangement (CRA)

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