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Subject :- Understanding Globalisation
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Subject :- Conflict & Peace Building
BRICS is an acronym for the grouping of the world's leading emerging economies, namely Brazil, Russia, India, China and South Africa.
The BRICS Leaders' Summit is convened annually.
Structure
BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings.
Salient Features
Together, BRICS accounts for about 40% of the world's population and about 30% of the GDP (Gross Domestic Product), making it a critical economic engine.
It's an emerging investment market and global power bloc.
Objectives
The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
BRICS takes into consideration each member's growth, development and poverty objectives to ensure relations are built on the respective country's economic strengths and to avoid competition where possible.
BRICS is emerging as a new and promising political diplomatic entity with diverse objectives, far beyond the original objective of reforming global financial institutions.
New Development Bank
NDB is headquartered in Shanghai.
At the Fourth BRICS Summit in New Delhi (2012) the possibility of setting up a new Development Bank was considered to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.
During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB).
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