BRICS

Why in news?

The Malaysian Prime Minister in his ongoing state visit to India, discusses with Indian Prime Minister for the BRICS entry of Malaysia.

About BRICS:

• BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
• In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
• The grouping was formalized during the first meeting of BRIC Foreign Ministers in 2006.
• South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

The Johannesburg declaration,2023 issued after the summit, said Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) had been invited to become full members from January 1, 2024.

As of August 21, 2024, the full-time members of BRICS are:

Founding members: Brazil, Russia, India, and China

Joined in 2010: South Africa

Joined in 2024: Iran, Egypt, Ethiopia, and the United Arab Emirates

• The BRICS (prior to expansion) represented 41% of the global population, 24% of the global GDP, and 16 % of the global trade.
• Since 2009, its summits are held annually.