According to abbreviationfinder, the acronym BRICS is used to name the group formed by Brazil (B), Russia (R), India (I), China (C) and South Africa (S). These are the five most important nations with emerging or recently industrialized economies on the planet.
In 2001, the English economist Jim O’Neill postulated the idea of BRIC: the bloc made up of Brazil, Russia, India and China. Seven years later, these countries embraced the concept and began to come together to work together. Years later, South Africa also joined these meetings and thus BRICS was born.
The members of the BRICS are considered to be countries that have similar characteristics and that have the necessary capacity to become economic powers worldwide. That is why the five nations decided to ally and collaborate with each other with this common goal.
The members of the BRICS have very large populations and extensive territories, two characteristics that give them great potential. In recent years, they have also achieved a significant development of their GDP (Gross Domestic Product) and their intervention in international trade.
There are experts who argue that, in 2050, the countries that make up BRICS will become leaders in the global economy. In that journey, Mexico and South Korea could join the bloc, since they are two other important emerging economies.
Another series of relevant aspects with respect to the BRICS are the following:
-They make up 43% of the world population.
-It is considered that they move what amounts to around 20% of investment worldwide.
-Economic scholars suggest that the BRICS are displacing, to some extent, what is the role of both the United States and Europe with respect to world power.
-From this very group that concerns us, it must be said that voices are raised indicating that both the IMF (International Monetary Fund) and the World Bank (World Bank) are bodies that fundamentally defend what are the interests of certain countries such as the United States. Hence, they have opted to give shape to that BRICS as a way to become strong and fight together to change things.
-It seems that among the projects you are dealing with would be the implementation of a foreign currency reserve mechanism as well as a BRICS own bank.
-The main functions that it carries out refer to multisectoral cooperation, coordination at the political level and economic-financial cooperation. In other words, these are the areas in which the group is most focused at the moment.
-The detractors of this group come to establish that what they are going to do is follow, at an economic level, the American model and that the countries that make it up do not have as many aspects in common as they want to believe.