BRICS

Image: Kremlin.ru

      BRICS is the acronym for the association of five major developing economies of the world from four continents. They are Brazil, Russia, India, China & South Africa. The BRICS nations constitute about 41% of world population. Its headquarters is at Shanghai, China.

History

    BRIC association was formed in an annual meeting of foreign ministers at the margins of the General Debate of the UN General Assembly at New York in 2006.   First official meeting of ‘BRIC’ nations held at Yekaterinburg, Russia on 16^th June 2009. South Africa joined the association in 2010 which changed their group name to BRICS.

      The BRICS Forum, an independent organization was formed in 2011 encouraging political, cultural & commercial co-operation between the member nations.

New Development Bank

  During the 5^th BRICS summit in Durban, S Africa they decided for a global financial institution in line with International Monetary Fund (IMF) & World Bank. Thus BRICS bank or New Development Bank (NDB) was established in 2014 at the 6^th BRICS summit at Fortaleza, Brazil. NDB is headquartered at Shanghai, China.