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What is BRICS and its summit in detail

Date: 16 Jul 2014    Group: Finance & Banking    Category: Banking   

We got couple of news online related to BRICS which is the leaders of the five countries joined and inaugurated BRICS organization. In this news, we got to see Brazil's President Dilma Rousseff, Russia's President Vladimir Putin, India's PM Narendra Modi, China's President Xi Jinping and South Africa's President Jacob Zuma in this Summit. What is actual BRICS in detail? What are the benefits to respective country from BRICS. Expert can let us know in detail.

Want to know what is BRICS, why is it formed and which are the countries part of it?

Author: P    05 Nov 2014      Member Level: Silver     Points : 6  (Rs 6)    Voting Score: 0

BRICs acronym was given by a Golman Sachs employee in its paper titled "Building Better Global Economic BRICs" " in 2001.BRICS stand for Brazil, Russia, India, China and South Africa. The acronym indicates towards shift of world economic power from developed countries to the developing countries.

Earlier it was only BRIC and political dialogues started in 2006, with first summit in Russia in Year 2009. With South Africa joining in 2011, it was renamed as BRICS. Consequently six summits took place with latest on 14-16th July 2014.

For detailed article refer to WIKIPEDIA and for recent developments visit the BRICS website

Author: Alok Nath Pandey    10 Jan 2015      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

BRICS is the short form for Brazil, Russia, India, China and South Africa. All five countries contributes a total of 40 % of world total population and hence they combined an formed a organization named BRICS to encourage commercial , political and cultural cooperation between these countries.

The group can be seen as the combination of developing counties to emerge as a big power.

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