Catherine, Duchess of Cambridge, GCVO (born Catherine Elizabeth Middleton; 9 January 1982),  is a member of the British royal family.Her husband, Prince William, Duke of Cambridge, is second in the line of succession to the British throne, ...
- Member Countries
- Financial Architecture
- Current Leaders
- See Also
- Further Reading
The term "BRIC" is believed to be coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs. But, it was actually coined by Roopa Purushothaman who was a Research Assistant in the original report. The foreign ministers of the initial four BRIC General states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
The BRICS is an association formed by countries in four continents: Brazil in South America, Russia in Europe, India and China in Asia and South Africa in Africa. Its member states cover an area of over 39,000,000 square kilometers, which is approximately 27% of the world's land surface. 1. Iguazu Fallsin Paraná, Brazil, is the largest waterfalls system in the world. 2. Amazon rainforest in Amazonas, Brazil, is the largest rainforest in the world, also known as "lungs of the earth". 3. Mount Elbrus, located in the Caucasus, is the highest point of both Russia and Europe. 4. Volga River in Mari El, it is the longest river in both Russia and Europe. 5. Ganges river in the Northern Plainsin India is the 4th largest river by discharge in the world. 6. Ganges Delta in West Bengal, India and Bangladeshis the largest river delta in the world. 7. Western Ghats in India, is a UNESCO World Heritage Site and is one of the eight "hottest hot-spots" of biological diversityin the world. 8. Kanche...
The grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits were held, in 2009 and 2010. The first five-member BRICS summit was held in 2011. The most recent BRICS summit took place in Brazil from 13 to 14 November 2019. India will host the BRICS 2021 summit at New Delhi & amid tensions with China, Chinese leader Xi Jinpinghad made a soft move by supporting India's Chairmanship in 2021. Experts are saying China is trying to rebuild its relation with India after Standoff
Argentina, Bangladesh, Indonesia, Mexico and Turkey have expressed strong interest in full membership of the BRICS, while Egypt, Iran, Nigeria, Sudan, Syria and most recently Pakistan and Greecehave also expressed interest in joining BRICS. Bangladesh has been formally invited to join the organization in 2020. In February 2021, Bangladesh announced it has formally began the process to join the organization. According to finance minister Mustafa Kamal, Bangladesh has formally proposed to acquire one percent of the Bank for $382 million with an option to increase its stake in the future, against .76 percent offered by BRICS New Development Bank.
Currently, there are two components that make up the financial architecture of BRICS, namely, the New Development Bank (NDB), or sometimes referred to as the BRICS Development Bank, and the Contingent Reserve Arrangement (CRA). Both of these components were signed into treaty in 2014 and became active in 2015.
In 2012, Hu Jintao, the then President of China and Paramount leader, described the BRICS countries as defenders and promoters of developing countries and a force for world peace. Western analysts have highlighted potential divisions and weaknesses in the grouping, including significant economic instabilities, disagreements between the members over the UN Security Council reform, and India and China's disputesover territorial issues. On 9 April 2013, Isobel Coleman from the Council on Foreign Relations, director of CFR's Civil Society, Markets, and Democracy Program said that members of BRICS share a lack of consensus. They uphold drastically different political systems, from a vibrant democracy in Brazil to entrenched oligarchyin Russia, and their economies are little integrated and are different in size by orders of magnitude. Also, she states that the significant difference in GDP influences the reserves. China taking up over 41% of the contribution, which in turn leads to bigger...
The New Development Bank, located in China, plans on giving out $15 billion to member nation to help their struggling economies. Member countries are hoping for a smooth comeback and a continuation of economic trade pre-COVID-19. The summit they plan on doing virtually in St. Petersburg, Russia will discuss how to handle the COVID-19 pandemic and how to fix their multilateral system by reforms.The COVID-19 accepting rate of taking the vaccine is a mixture in the BRICS community. China, India, and South Africa are the most willing to take the vaccine while Brazil and Russia have more skepticism than the other three.Brazil Jair Bolsonaro, PresidentRussia Vladimir Putin, PresidentIndia Narendra Modi, Prime MinisterChina Xi Jinping, PresidentCarmody, Pádraig (2013). The Rise of BRICS in Africa: The Geopolitics of South-South Relations. Zed Books. ISBN 9781780326047.Chun, Kwang (2013). The BRICs Superpower Challenge: Foreign and Security Policy Analysis. Ashgate Pub Co. ISBN 9781409468691.