BRICS

28 06 2019 Reunião Informal do BRICS (48142569851)

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BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The group was originally known as "BRIC" before the inclusion of South Africa in 2010. BRICS countries are known for their significant influence on regional and global affairs; all are members of G20.

History

The term "BRIC" was coined in 2001 by Goldman Sachs economist Jim O'Neill in his publication "Building Better Global Economic BRICs". The acronym was originally used to project the economic potentials of Brazil, Russia, India, and China. It was not until 2009 that the BRIC countries held their first summit in Yekaterinburg, Russia, formalizing the group. South Africa was invited to join the group in December 2010, leading to the BRICS acronym.

Economic Significance

The BRICS nations, with their large populations and vast natural resources, have been driving global economic growth for the past few decades. Together, they represent about 42% of the world's population, a quarter of the world's GDP, and over 20% of the global gross primary production. The BRICS countries have been working towards reforming global financial institutions and challenging the traditional dominance of the United States and Europe in global affairs.

Political and Cultural Cooperation

Beyond economic collaboration, BRICS aims to enhance political and cultural cooperation among its members. The group has been advocating for a more equitable world order and has established various institutions to promote cooperation in education, health, science and technology, and security. The New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) are two key institutions created by BRICS to support economic growth and financial stability in member countries and other emerging economies.

Challenges

Despite its potential, the BRICS grouping faces several challenges. There are significant political, economic, and cultural differences among the member countries, which sometimes hinder collective action. Additionally, the economic disparities and competitive relations between members, especially between India and China, pose challenges to the group's cohesion and effectiveness.

Summits

BRICS countries hold annual summits to discuss initiatives and strategies for cooperation. These summits provide a platform for member countries to engage in dialogue on various global and regional issues, fostering a spirit of collaboration and mutual respect.

Future Prospects

The future of BRICS as a cohesive and influential entity in global affairs depends on its ability to overcome internal differences and to present a united front in international forums. The group's success in promoting economic development, reforming global governance structures, and enhancing cooperation among emerging and developing economies will significantly influence its role in shaping the future world order.