Every economy of the world knows about the importance of BRICS and this organization in which some big economies of the world are included has a powerful impact on the economies of the included countries. Everybody who knows the economy field must have some information about this world largest organization in which five countries are included and they are playing best roles in the understanding of the economy and other different aspects in the included countries. So in this article, I will tell you about the full form of BRICS and all the other information necessary for the explanation and understanding of the BRICS nations.
information about Full Form of BRICS
Full Form of BRICS is Brazil Russia India China South Africa. Basically, BRICS is the acronym for the five nations who have the biggest economies of the world. On the base of an economy they influenced economies of other world and remained on the top positions in terms of economic growth. There are five countries which are involved in this organization as the full form of BRICS described those five countries. Before the year 2010 this term was only BRIC but in the year 2010 after the inclusion of South Africa which is also a big economy of the world that term became BRICS. It is a type of association in which five countries are included. All the members of this association have an influence on their regional circumstances and these five countries are also members of G20. All the five countries members have met on the annual summit organized by assigned country. Every year the summit organized in a different country.
In the year 2017, the hosting of 9th summit was in China while the most recent summit of this association was held in South Africa on July 2018. These five countries played a significant role to stable the world by stabling their economies and other affairs. In the year 2015, these five countries showed the 41% population in the whole world having 3.1 billion humans. Four countries in this association are included in the list of top ten countries that have the most population in the world while 5th country South Africa came at the number of 24 in the terms of population. Overall the GDP of these countries is highest among the other remaining world as according to an estimate the combined GDP of these countries in 2018 was 18.6 trillion dollar near about 23.2 %. So this GDP showed the power of the economy in those five countries.
This organization faced much criticism from the other countries which are not included in this association. The relation between these five countries is based on mutual interests and benefits and on the basis of equality. The main purpose of this association is to bring the prosperity and wellness in the respective countries by developing relations to the world best economies. These countries have the largest manpower in terms of population and have the most influential status in the world of technology. I hope you got the full form of BRICS and important information from the upper paragraphs.
History of BRICS
After the discussion of the basic concept of full form of BRICS now we discuss some history about this association. The term BRIC was first produced in the year 2001 by the chairman of Goldman Sachs Asset Management who published this concept in his famous publication named as Building better global economic BRICs. The foreign ministers of the four countries which are initially including in this association met in New York for the initial meetings in the year 2006. The final meeting for the establishing of this association was held in the Russian city named Yekaterinburg on 16 June 2009 and that was considered as a first summit for the countries which are included in this association.
This first summit was all about the economic growth, financial status, cultural behaviors and future cooperation between the respective countries. After the first summit, South Africa began its efforts to join the association and upon the proposal of South Africa for getting the membership of this association the four countries accepted the proposal and South Africa became the member on December 24, 2010. As the association basic purpose is to share the cultural, economic and other interest with five countries they developed an excellent growth in their countries. This association is the single independent international ranked organization regarding its interests. During 2010 these five countries deposit 75 billion dollars to the IMF for the prosperity of other nations and human development. This association also played significant roles in the development of other countries and bring an excellent cooperation among the world powerful countries. In the summit of 2015, the members of this association proposed a new concept of technology introduction and challenge the monopoly of US in the sector of technology. They also made many other steps for their better future.
Benefits of BRICS
There are several benefits for getting the membership of BRICS as South Africa got the membership in 2010 due to the importance and significant role of this organization for the future of their members. The main basic benefit of this organization is to develop a better relationship with the world most powerful economies. When a country connects with the best economy they started many powerful projects in the country which boost the economy and employment opportunity of that country. Due to the large economy and more investment in a specific country the technology and infrastructure of that country will improve which helps to rank in the world. Many initiatives have been taken by that organization in their respective countries for the development procedure. This association develops the regional center of NDB in South Africa named as Africa regional center which helps Africa to manage the economy and boost the human development in that country. Industrial shares also improved in the country when a major economy of the world invests in the industrial sector of a country. Decrease of poverty, inequality and create the employment are some major benefits of the BRICS.