BRICS is an economic community formed by the countries of Brazil, Russia, India, China and the Republic of South Africa. BRICS name consists of the initials of the member countries. The BRICS economic community is in a rapid development and it is predicted that they will be in an important position by 2050. Detailed information about what is the purpose of BRICS, What are the BRICS countries, establishment of BRICS are located in the continuation of the article.
What is the Purpose of BRICS What are the BRICS Countries?
BRICS is an economic community formed by these five countries with large economies. The name BRIC was first introduced in 2001, and the foreign ministers of these four countries met in New York in September 2006. An extensive meeting took place on 16 June 2009 in Yekaterinburg, Russia.This meeting is considered as the first summit and establishment of BRIC. The leaders of Brazil, Russia, India and China respectively, Luiz Inácio Lula da Silva, Dmitri Medvedev, Manmohan Singh and Hu Cintao attended this summit held in 2009. You can browse here for Belgium Brussels Stock Exchange BEL20 companies.
At the summit, decisions were taken mainly to improve the global economic situation, to develop international financial institutions and to further increase the cooperation of these four countries in the future. In addition to these, developing countries gaining more place on a global scale was among the topics discussed at the summit. After this summit held in Yekaterinburg on June 16, 2009, BRIC countries declared the need for a new global currency, and short-term fluctuations were experienced in major currency units after this announcement. This economic community, formerly called BRIC, became BRICS when South Africa joined the union in 2011. BRICS countries are also members of the G20 economic community. Among these five countries, which have rapidly growing economies, the principles of equality in bilateral relations, non-interference in each other’s state relations and common benefit are aimed.
IMF-Like Bank from BRICS!
In 2013, the BRICS countries wanted to establish a financial institution that would rival the IMF World Bank. This institution is defined as “New Development Bank”. It was decided to be established in March 2013, it was established at the summit held in 2014 and the New Development Bank became operational in 2015.
For details: https://en.wikipedia.org/wiki/BRICS