BRICS(Brazil, Russia, India, China, and South Africa)

  • BRICS is the acronym coined to associate five major emerging national economies: Brazil, Russia, India, China, and South Africa.
  • The BRICS members are known for their significant influence on regional affairs.
  • Since 2009, the BRICS nations have met annually at formal summits.
  • Originally the first four were grouped as BRIC before the induction of South Africa in 2010.
  • The BRICS have a combined area of 39,746,220 sq. km(88% of the world land surface) and an estimated total population of about 3.21 billion(41% of the world population).
  • These five nations had a combined nominal GDP of US$19.6 trillion(about 23.2% of the gross world product).
  • The New Development Bank (NDB), formerly referred to as the BRICS Development Bank. It is a multilateral development bank operated by the BRICS states.

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