BRICS(Indonesia has become the 10th member of BRICS)

 About BRICS: 

 BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa.

  BRICS nations account for more than 45% of global population, 25% of global GDP and 20% of global trade.

 2024 Summit: Kazan, Russia. Evolution:

  The acronym "BRICS" was coined in 2001 by Goldman Sachs economist Jim O'Neill. He projected that Brazil, Russia, India, and China would be among the world’s largest economies in the next 50 years or so. 

 As a formal grouping, BRIC started after the meeting of the leaders of Russia, India and China in Russia on the margins of the G8 Summit in 2006. 

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

  South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.

BRICS has been envisaged as a grouping of non-Western countries, which can act as a counterweight to institutions like the World Bank and the International Monetary Fund, dominated by the Global North.

 In 2023, during the 15th BRICS Summit, held in South Africa, six countries were invited to join the alliance: Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia.

 In January 2024, BRICS admitted four new members: Egypt, Ethiopia, Iran and the United Arab Emirates.

 In January 2025, Indonesia has become the 10th member of BRICS. o Saudi Arabia has accepted the invitation but delayed formal joining. o Argentina, whose new President Javier Milei is more pro-West, declined to join. Important initiatives: 

 New Development Bank: To fund infrastructure and sustainable development projects in BRICS countries and other emerging economies. Headquartered at Shanghai. 

 Contingent Reserve Arrangement: To provide ϐinancial support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures. 

 BRICS Science, Technology, and Innovation Framework Programme 

 BRICS Vaccine Research and Development Centre 

 BRICS Partnership on New Industrial Revolution (PartNIR) 

Kazan Declaration Highlights (made after 2024 BRICS Summit):

 Geopolitical Concerns:

 o Call for resolution to the Ukraine conϐlict via diplomacy. 

o Concerns over humanitarian crisis in the Gaza Strip. 

 Multilateralism: 

o Emphasis on the reform of global ϐinancial architecture and multilateralism. 

o Support for the continued functioning of the G20 and a reformed, responsive global ϐinancial system.

  Economic Cooperation: 

o Promotion of local currencies for cross-border payments to reduce trade barriers. o Agreement to explore the establishment of a BRICS Grain Exchange and a BRICS CrossBorder Payment System.

  Pandemic Preparedness: 

o Support for the BRICS R&D Vaccine Center and Early Warning Systems for infectious diseases.

 o Addressing antimicrobial resistance and enhancing healthcare collaboration.

  Environment: 

o Support for the International Big Cat Alliance and collaboration on protecting endangered species.