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BRICS FORMERLY BRIC- WHAT IS IT?

August 24, 2023
professormaurice
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HAKIZIMANA Maurice

The BRICS are a group of five countries that have been meeting since 2011 in annual summits! The alphabets mean Bresil, Russia, India, China and South Africa. This group succeeds the smaller group of the BRIC (without S) which met from 2009 without South Africa (here represented by the S for South Africa).

The acronym first appeared in 2001 by British economist Jim O’Neill, in a Goldman Sachs investment bank report entitled Building Better Global Economic BRICs (the final “S” being plural and not referring to South Africa).

In August 2023, at the 15th BRICS summit, South African President Cyril Ramaphosa announced that Saudi Arabia, Argentina, Egypt, the United Arab Emirates, Ethiopia and Iran were invited to join the bloc. Their full membership will take effect on January 1, 2024.

BRIC leaders at the summit in Iekaterinbourg 2009.
From left to right : Manmohan Singh, Dmitri Medvedev, Hu Jintao and Lula da Silva.

Together, the BRIC countries could act as a counterweight to the G8 (of which Russia is already a member).

BRICS leaders at the in  G20 summit 2019 at Osaka  Japan.
From left to right : Xi Jinping, Vladimir Poutine, Jair Bolsonaro, Narendra Modi and Cyril Ramaphosa.

It was especially from 2011, with the regular holding of summits and the entry of South Africa, that the BRICS became an official group.

On the economic front, in 2014 they also set up a development bank, the New Development Bank, based in Shanghai.

Among the themes that may have been at the centre of their concerns were the fight against protectionism by some of their G20 partners (enlarged G8) or the reform of the governance of the International Monetary Fund (IMF) and the International Monetary System. They were also able to form a united front against certain international environmental constraints deemed to penalise their economies.

In general, the BRICS are one of the bodies promoting recognition of the multipolarity of global economic and political balances, breaking with the organizations inherited from the post-Second World War.

The initial four BRICS have points in common: large population and a vast area (they are ranked in the ten largest and most populous countries in the world), important natural resources (minerals, energy, forests, agriculture, fisheries…), emergence of a middle class, high growth, and recent and rapid insertion into the world economic circuits. South Africa holds a special place, but important in terms of political symbol. 

The differences and divergences between these different countries are nonetheless significant. Democratic or authoritarian political regimes, dynamic demographics in the face of Russian demographic decline, very varied economic situations (research and innovation capacities, unequal industrial weights)… 

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Hakizimana Maurice is a professional teacher who teaches at the second level in France. Follow him at  Facebook,Twitter and Instagram

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