Evolution of BRICS
                     Evolution of BRICS
What is BRICS?
BRICS is the group composed by the five 
major emerging countries - Brazil, Russia, 
India, China and South Africa, which 
together represent about 42% of the 
population, 23% of GDP, 30% of the 
territory and 18% of the global trade.
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BRICS Summit: The Origin
The acronym BRIC was coined by 
Goldman Sachs in 2001 to indicate the 
emerging powers that would be, 
alongside the United States, the five 
largest economies of the world in the 21st 
century. 
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First BRIC summit
In 2006, BRIC countries started their 
dialogue, which since 2009 takes place at 
annual meetings of heads of state and 
government.
The BRIC grouping's 1st formal summit, 
held in Yekaterinburg, commenced on 16 
June 2009.
 
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Entry of South Africa
In 2011, with South Africa joining the 
group, the BRICS reached its final 
composition, incorporating a country from 
the African continent.
 
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GOAL of BRICS
Since the beginning of their dialogue, in 
2006, these countries have sought to 
establish fairest international governance, 
one that would be more suitable to their 
national interests. 
This goal would be achieved, for example, 
through the reform of the International 
Monetary Fund quota system, which came 
to include, for the first time, Brazil, Russia, 
India, and China amongst the top ten 
largest shareholders.
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Development of sectorial 
cooperation
Throughout its first decade, BRICS has 
developed sectorial cooperation in 
different areas, such as science and 
technology, trade promotion, energy, 
health, education, innovation and fight 
against transnational crime. 
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Benefits to the five countries
Currently, sectorial cooperation, which 
covers more than 30 subject areas, 
brings important concrete benefits to the 
populations of the five countries. 
It is the case of the Tuberculosis 
Research Network, which aims to 
introduce quality medicines and 
diagnoses with affordable prices.
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Important institutions
At the Fortaleza Summit (2014), in Brazil, 
important institutions were created: the 
New Development Bank (NDB) and the 
Contingent Reserve Arrangement (CRA). 
So far, the NDB has approved more than 
8 billion-dollars in infrastructure and 
renewable energy financing projects in 
the BRICS countries. 
The CRA is operational and is an 
important financial stability mechanism for 
countries affected by crises in their 
balance of payments.
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Meetings & Events
In addition to presidential meetings (summit 
and the informal meeting in the margins of 
the G20), BRICS organizes, through its 
rotating chairship, nearly 100 annual 
meetings, including about 15 ministerial 
meetings and dozens of gatherings with 
official seniors, technical events, as well as 
meetings on  culture, education and sport 
areas.
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India & the BRICS Summit
From the Indian perspective, BRICS has 
emerged the voice of developing 
countries, or the global south. As these 
countries face an aggressive club of 
developed countries, raising challenges 
on issues from WTO to climate change, 
New Delhi believes BRICS has to protect 
the rights of the developing countries. 
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