BRICS (Explained) | BRICS Summit, Full Form, Headquarters, Purpose | UPSC Prelims & Mains 2022-2023

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Prepare for the UPSC Exam with BYJU’S knowledge series. A key topic - BRICS and related information such as BRICS full form, Headquarter, Purpose, Summit are discussed during the session. This topic is an important part of the International Relations for UPSC Prelims & Mains 2022-2023.

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The following concepts are discussed during the session:

1. Introduction- 00:00
2. What is BRICS? – Origins of the Group- 01:28
3. Where was the first BRIC Summit held? - 05:45
4. 2008 financial crisis and unravelling of the BRICS- 06:05
5. BRICS in numbers- 08:04
6. BRICS Initiatives- 09:30
7. New Development Bank (Fortaleza Summit) - 11:25
8. Where is NDB headquartered? - 13:48
9. Voting rights in NDB- 13:56
10. NDB’s Member countries- 16:32
11. BRICS Contingent Reserve Arrangement (CRA)- 17:45
12. BRICS Proposed Initiative- 21:53
13. Diversification of BRICS- 25:46
14. BRICS- Dilemma for India- 28:00

Other related aspects such as BRICS full form, BRICS headquarters, BRICS summit, BRICS purpose, and BRICS motto are also discussed.

BRICS is an acronym for five emerging economies of the world viz. – Brazil, Russia, India, China, and South Africa. In 2001, then Goldman Sachs economist Jim O'Neill coined the acronym BRIC to describe the four emerging economies of Brazil, Russia, India and China.

The first BRIC Summit was held in 2009 in Yekaterinburg, Russia.

The New Development Bank (NDB), one of the multilateral development institutions created by the BRICS, has been working successfully and is headquartered in Shanghai, China.

During the 6th BRICS Summit in Fortaleza, Brazil (2014), the leaders signed the Agreement to establish the New Development Bank (NDB).

Some important questions from previous year's papers are also discussed in the session.

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