Brics full form is Brazil Russia India China South Africa. These are Brics country that is associated with. It was formulated in 2001 by economist Jim O’Neill of Goldman Sachs, in a report on growth prospects for the economies of Brazil, Russia, India and China which accounts for lions shared in World’s Production and Population.
What is Brics?
It is an association of Five emerging economies that includes Brazil, Russia, India, China and South Africa.
Its purpose aims to promote peace, security, development and cooperation and also to contribute significantly to the development of a fair and equitable world.
The first Brics summit held in Moscow, Russia and Originally this association is called BRIC and later changes to Brics after the association of South Africa in 2010.
And Since 2009, Annual summits were were conducted and the Brics headquaters is in Shanghai, China. This association developed a bank for its purpose called as Brics development and later the changed to New Development Bank(NDB).
India hosted fourth and Eight summit in 2012 and 2016 respectively.
How powerful is Brics?
- BRICS members make 21% of world GDP, they reached this position in the past 15 years.
- BRICS members have 43% of the World’s Population.
- BRICS members have foreign reserves of $4.4 Trillion.
Why is Brics important to India?
It provides a platform for India to fight against terrorism by working with Russian and also with others and also to promote international peace and security and to preserve the India’s territorial integrity and independence.
And India’s Foreign Policy will surely help for achieving though its Brics cooperation as India’s plays a major role in it.
BRICS and India foreign policy
Ideally India’s foreign policy is set of some primary goals that includes:
- to protect India from traditional and non-traditional threats
- to create an external environment that is conducive for inclusive development of India so that the benefits of growth can reach the poorest of the poor in the country
- to ensure that India’s voice is heard on global forums and that India is able to influence world opinion on issues of global dimensions such as terrorism, climate change, disarmament, reforms of institutions of global governance
- to engage and protect the Indian Diaspora.
Also the main pillar of the India’s foreign policy is Anti Colonialism and Non Alignment towards any any powers.
Aim of BRICS
- Making an exclusive trade block to increase trade co-operation.
- To encourage the use of currencies other than the US dollar.
- To develop regional co-operation.
- To achieve inclusive growth, minimize trade issues, create global governance, shared prosperity, and ensuring international peace and security.
Also, Check International Monetary Fund