BRICS

INTRODUCTION
BRICS is a grouping of major emerging economies that seeks to promote cooperation in economic, political and developmental matters. For beginners in International Relations, BRICS helps in understanding the growing role of emerging powers in global governance and the shift towards a multipolar world. From an OPSC prelims perspective, BRICS is a high-yield static topic due to questions on its origin, membership, objectives, institutions like NDB, and recent expansion.

ORIGIN AND BACKGROUND
• The term BRIC was coined in 2001 by economist Jim O’Neill
• BRIC countries held their first summit in 2009
• South Africa joined in 2010, expanding BRIC to BRICS
• BRICS functions as an informal grouping without a formal treaty

MEMBERSHIP
Original members:
• Brazil
• Russia
• India
• China
• South Africa

Expanded membership:
• BRICS has expanded to include additional countries as members
• Expansion reflects growing influence of the grouping in global affairs

OBJECTIVES OF BRICS
• Promote cooperation among emerging economies
• Reform global economic governance institutions
• Enhance South–South cooperation
• Support sustainable development
• Increase the voice of developing countries in global forums

KEY INSTITUTIONS UNDER BRICS (IMPORTANT FOR PRELIMS)
1. New Development Bank (NDB)
• Established in 2014
• Provides development finance for infrastructure and sustainable projects
• Headquarters: Shanghai

2. Contingent Reserve Arrangement (CRA)
• Financial safety net for member countries
• Helps manage balance of payments pressures

AREAS OF COOPERATION
• Economic and financial cooperation
• Trade and investment
• Science and technology
• Health
• Education
• Cultural exchanges

WORKING STRUCTURE
• BRICS Summit – annual leaders’ meeting
• Ministerial meetings in various sectors
• Rotating presidency among members

INDIA AND BRICS
• India is a founding and active member
• India supports reform of IMF and World Bank through BRICS
• India hosted BRICS Summit multiple times

CURRENT RELEVANCE
• Expansion of BRICS membership
• Use of local currencies in trade discussions
• Strengthening of NDB operations
• Focus on Global South issues

PRELIMS NOTES AND COMMON CONFUSIONS
• BRICS is not a military alliance
• BRICS does not have a permanent secretariat
• Decisions are consensus-based
• NDB is separate from World Bank

CONCLUSION
BRICS represents the collective voice of major emerging economies in global governance. For OPSC prelims, it is an important static topic due to its fixed structure and increasing relevance in current affairs. A clear understanding of BRICS fundamentals helps beginners confidently tackle MCQs related to global groupings.

---

PDF File:

No PDF attached

---

Subject: International Relation

← Back