The name BRICS, which stands for Brazil, Russia, India, China, and South Africa, refers to a collection of five developing nations that have banded together to promote collaboration and mutual growth. The BRICS alliance has been more influential in the world's political and economic landscape since its founding at the beginning of the twenty-first century. This article will give a general summary of the BRICS alliance, its goals, and how it has affected international affairs.
Jim O'Neill, an economist at Goldman Sachs, first used the word "BRIC" in 2001. Brazil, Russia, India, and China were the four emerging economies that O'Neill saw as having the potential to become significant global participants in the next decades. These nations' leaders saw the potential for cooperation and started a conversation to look into potential areas of shared interest.
On the fringes of the UN General Assembly in 2006, the first gathering of BRIC foreign ministers took place. The BRIC alliance was formally established in 2009 when Yekaterinburg, Russia, hosted the first-ever BRIC Summit. In 2010, South Africa became a member, changing the term from BRIC to BRICS.
The BRICS nations' alliance is based on a number of shared goals, including:
The BRICS alliance has made a significant difference on the world's political and economic landscape since its founding:
Brazil, Russia, India, China, and South Africa collectively make up the BRICS alliance, which is a powerful force in the world's political and economic environment. The BRICS nations have been able to increase their combined impact on the global scene by cooperating to advance economic cooperation, political coordination, and cultural exchange. The BRICS alliance is anticipated to become more significant in determining the direction of global governance and sustainable development as these rising economies continue to expand.