brics

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, and South Africa. It was formed in 2010 by the addition of South Africa to its predecessor called BRIC. In August 2023, at the 15th BRICS Summit, South African President Cyril Ramaphosa announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates had been invited to join the organisation. Full membership is scheduled to take effect on 1 January 2024.Currently the BRICS nations encompass about 27% of the world's land surface and 42% of the global population. Brazil, Russia, India, and China are among the world's ten largest countries by population, area, and GDP (PPP). All five states are members of the G20, with a combined nominal GDP of US$28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$57 trillion (33% of global GDP PPP), and an estimated US$4.5 trillion in combined foreign reserves (as of 2018).The BRICS were originally identified for the purpose of highlighting investment opportunities and had not been a formal intergovernmental organization. Since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.The BRICS nations are considered the foremost geopolitical rival to the G7 bloc of leading advanced economies, implementing competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, the BRICS payment system, the BRICS Joint Statistical Publication and the BRICS basket reserve currency. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining. BRICS has received both praise and criticism from numerous commentators.

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