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BRICS

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Not to be confused with BRIC.

BRICS is an international political organisation of leading emerging market countries consisting of Brazil, Russia, India, the People's Republic of China and South Africa.[1]

Brazil, Russia, India, China, South Africa
Map of BRICS countries
Map of BRICS countries

BRICS

Federative Republic of Brazil
President (head of state and government): Dilma Rousseff
Russian Federation
President (head of state): Dmitry Medvedev
Prime Minister (head of government): Vladimir Putin
Republic of India
President (head of state): Pratibha Patil
Prime Minister (head of government): Manmohan Singh
People's Republic of China
President (head of state): Hu Jintao
Premier (head of government): Wen Jiabao
Republic of South Africa
President (head of state and government): Jacob Zuma

History

Political dialogue between the BRICS countries began in New York in September 2006, with a meeting of the BRICS foreign ministers. Four high-level meetings followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.[2]

The BRICS countries met for their first official summit on 16 June 2009, in Yekaterinburg, Russia,[3] with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.[4] The core focus of the summit was related to improving the current global economic situation and discussing how the four countries can better work together in the future, as well as a more general push to reform financial institutions.[3][4] There was also discussion surrounding how emerging markets, such as those members of BRICS, could be better involved in global affairs in the future.[4] In the aftermath of the summit the BRICS nations suggested that there was a need for a new global reserve currency that is 'diversified, stable and predictable'.[5] The statement that was released stopped short of making a direct attack on the perceived 'dominance' of the US dollar, something which the Russians have been critical of; however, it still led to a fall in the value of the dollar against other major currencies.[6]

South Africa sought membership during 2010 and the process for formal admission began as early as August 2010.[7] South Africa was officially admitted as a member nation on December 24, 2010 after being formally invited by China and the other BRIC countries to join the group.[7] The group was renamed BRICS to reflect the now-five-nation membership[8], with an “S” for South Africa appended to the acronym. President Jacob Zuma attended the 2011 BRICS summit in Sanya, Hainan province, China in April 2011 as a full member.[9][10][11]

Summits

Summit Participant Date Host country Host leader Location
1st BRIC June 16, 2009 Russia Dmitry Medvedev Yekaterinburg
2nd BRIC April 16, 2010 Brazil Luiz Inácio Lula da Silva Brasília
3rd BRICS April 14, 2011 People's Republic of China Hu Jintao Sanya
4th BRICS 2012 India Manmohan Singh New Delhi

Member countries

Member Leader Finance Minister Central Bank Governor GDP
(nominal·PPP)
$Million USD 		GDP per capita
(nominal·PPP)
$USD 		HDI Population
Brazil President Dilma Rousseff Minister of Finance Guido Mantega Alexandre Tombini 2,090,314 2,181,677 10,471 11,289 0.699 193,088,765
Russia President Dmitry Anatolievich Medvedev Minister of Finance Alexei Leonidovich Kudrin Sergey Mikhaylovich Ignatyev 1,476,912 2,218,764 10,521 15,807 0.719 141,927,297
India Prime Minister Manmohan Singh Minister of Finance Pranab Mukherjee Duvvuri Subbarao 1,537,966 4,001,103 1,176 3,290 0.519 1,210,193,422
China President Hu Jintao Minister of Finance Xie Xuren Zhou Xiaochuan 5,878,257 10,085,708 4,382 7,518 0.663 1,338,612,968
South Africa President Jacob Zuma Minister of Finance Pravin Gordhan Gill Marcus 354,414 524,341 7,101 10,505 0.597 49,320,500

Statistics

Global rankings:

Category Brazil Russia India People's Republic of China South Africa
Area 5th 1st 7th 3rd/4th 25th
Population 5th 9th 2nd 1st 25th
Population growth rate 107th 221st 93rd 156th 158th
Labour force 5th 7th 2nd 1st 34th
GDP (nominal) 8th 11th 10th 2nd 28th
GDP (PPP) 7th 6th 4th 2nd 25th
GDP (nominal) per capita 53rd 56th 138th 94th 71st
GDP (PPP) per capita 71st 51st 127th 93rd 77th
GDP (real) growth rate 15th 88th 5th 6th 117th
Human Development Index 73rd 65th 119th 89th 110th
Exports 18th 11th 16th 1st 36th
Imports 20th 17th 11th 2nd 34th
Current account balance 47th 5th 169th 1st 179th
Received FDI 11th 12th 29th 5th 31st
Foreign exchange reserves 7th 3rd 6th 1st 33rd
External debt 28th 24th 26th 23rd 45th
Public debt 47th 122nd 29th 98th 88th
Electricity consumption 9th 4th 5th 1st 14th
Number of mobile phones 5th 4th 2nd 1st 25th
Number of internet users 5th 7th 4th 1st 44th
Motor vehicle production 6th 19th 7th 1st 24th
Military expenditures 12th 5th 10th 2nd 43rd
Active troops 14th 5th 3rd 1st 59th
Rail network 10th 2nd 4th 3rd 12th
Road network 4th 8th 3rd 2nd 18th

References

  1. ^ SouthAfrica.info - New era as South Africa joins BRICS
  2. ^ Cooperation within BRIC Kremlin.ru. Retrieved on 2009-06-16. Archived 2009-06-19.
  3. ^ a b "First summit for emerging giants". BBC News. 2009-06-16. Retrieved 2009-06-16.
  4. ^ a b c Bryanski, Gleb (2009-06-26). "BRIC demands more clout, steers clear of dollar talk". Reuters. Retrieved 2009-06-16.
  5. ^ "BRIC wants more influence". Euronews. Retrieved 2009-06-16.
  6. ^ "Dollar slides after Russia comments, BRIC summit". London: Guardian. 2009-06-16. Retrieved 2009-06-16.
  7. ^ a b Graceffo, Antonio (2011-01-21). "BRIC Becomes BRICS: Changes on the Geopolitical Chessboard". Foreign Policy Journal. Retrieved 2011-04-14.
  8. ^ Blanchard, Ben and Zhou Xin, reporting; Ken Wills, editing, "UPDATE 1-BRICS discussed global monetary reform, not yuan", Reuters Africa, April 14, 2011 9:03am GMT. Retrieved 2011-04-14.
  9. ^ "South Africa joins BRIC as full member". News.xinhuanet.com. 2010-12-24. Retrieved 2011-04-14.
  10. ^ "BRICS countries need to further enhance coordination: Manmohan Singh". Times Of India. 2011-04-12. Retrieved 2011-04-14.
  11. ^ "BRICS should coordinate in key areas of development: PM". Indianexpress.com. 2011-04-10. Retrieved 2011-04-14.
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