Mundo 29-08-2017

All you need to know about BRICS

The BRICS group will hold its eighth summit on October 15 and 16 in Goa, which will focus on global policy and economic issues as well as the fight against terrorism.

BRICS is the informal intergovernmental association of Brazil, Russia, India, China and South Africa.

The term BRIC was coined in 2001 by Jim O'Neill, head of the global economic studies department of the US Company Goldman Sachs, thus naming four emerging economies: Brazil, Russia, India and China.

After the incorporation of South Africa in December 2010, the group acquired the name BRICS.

The total GDP of the countries of the group is 30% of the world level, while its population makes up 43% of the world population.

Practical cooperation within the framework of the Group started in September 2006, when the first meeting of foreign ministers took place outside a session of the UN General Assembly in New York.

Participants at the meeting, held on the initiative of Russian President Vladimir Putin, confirmed the interest in developing multilateral cooperation in a wide range of fields.

A year later, in September 2007, the second meeting was held at the level of foreign ministers of the member countries.

The members agreed to hold annual meetings on a rotating basis in each country that is part of the group.

It was also decided to hold consultations at the level of Deputy Foreign Ministers, Embassies and Permanent Representations.

On July 9, 2008, Russian President Dmitry Medvedev met with Lula da Silva, Manmohan Singh and Hu Jintao, former leaders of Brazil, India and China, respectively.

The meeting highlighted the need to strengthen economic and financial cooperation and maintain contacts at the level of the Ministries of Finance of member countries.

On 16 June 2009, the Russian city of Ekaterinburg hosted the first large-scale BRIC summit which concluded with the approval of a joint statement by the leaders of the member countries.

One of the objectives set by the document is the development of "consistent, active, pragmatic, open and transparent dialogue and cooperation" among countries.

In July 2014, at the group's summit in the Brazilian city of Fortaleza, the creation of the New Development Bank and the reserve currency fund of the BRICS was announced, with total funds of 200,000 million dollars.

The formal launch of the Bank took place on July 7, 2015 in Moscow.

At the seventh BRICS summit held on July 8 and 9, 2015 in the Russian city of Ufa, the Economic Cooperation Strategy for the five emerging economies was approved.

The BRICS currently maintains cooperation through annual summits, G20 leaders' meetings, meetings of senior representatives for national security, meetings of the Foreign Ministers, Finance, Agriculture and Health and directors of central banks, among others.

The first BRICS interparliamentary forum was held in Moscow in June 2015.

India has been the rotating chair of the organization since February 15, 2016.