Why in News?
India joined BRICS in expressing “grave concern” over military strikes on Iran, calling them violations of international law. BRICS emphasized nuclear safety, environmental protection, and peaceful conflict resolution ahead of the BRICS Summit scheduled in Rio, Brazil, in July 2025.
Description:
- Members: Brazil, Russia, India, China, South Africa
- Formed: Term coined in 2001 (Jim O’Neill); first summit in 2009
- South Africa joined: 2010
- Accounts for: ~40% global population, ~25% global GDP
Major Institutions:
- New Development Bank (NDB):
- HQ: Shanghai
- Purpose: Finance infrastructure & sustainable development
- Members beyond BRICS: UAE, Egypt, Bangladesh, Uruguay
- No veto; BRICS share ≥ 55% of voting power
- Contingent Reserve Arrangement (CRA)
- $100 billion pool for liquidity crises
- Setup: Fortaleza (2014), operational in 2015
- Largest contributor: China ($41B)
Functioning:
- Chairmanship: Rotates annually among members
- Summit decisions: Based on consensus
- Work structure: Action Plans from annual summits
BRICS Pillars:
- Political-Security: Counterterrorism, UNSC reforms
- Economic-Financial: NDB, CRA, MSMEs, trade
- People-to-People: Youth Summit, Film Festival, Academic Forum
Recent Developments:
- 15th Summit (2023): Johannesburg, South Africa
- Theme: “BRICS and Africa…”
- 6 new members invited (from Jan 2024):
- Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, UAE
- 16th Summit (2024): Kazan, Russia
- Theme: “Strengthening Multilateralism…”
- New full member: Indonesia (Jan 2025)
- 9 Partner countries inducted
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