26 Oct 2024        14:33:31 pm

Current Affairs

BRICS

Tags : BRICS

Topic: Multilateral Groupings

Why in the news?

• NATO member Turkiye has applied for membership in the BRICS bloc of developing economies, as Russia and China seek to counter the West\'s global influence.

Source: The Hindu 

About BRICS:

• BRICS is an acronym for the grouping of Brazil, Russia, India, China and South Africa.
• The BRICS Leaders’ Summit is convened annually.
• Formation of BRICS:
  • The grouping was first informally formed during a meeting of the leaders of  Brazil, Russia, India, and China (BRIC) on the sidelines of the G8 (now G7) Outreach Summit in St.Petersburg, Russia, in 2006, this was later formalized during the 1st BRIC Foreign Ministers\' Meeting in New York in 2006.
  • In 2009, the inaugural BRIC summit took place in Yekaterinburg, Russia. The following year (2010), South Africa joined to form the group known as BRICS. 
• During the 6th BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB).
• It consists of approx. 3.5 billion people, representing 45% of the world\'s population. 
• Collectively, the economies of its members exceed USD 28.5 trillion, accounting for around 28% of the global economy.
• Iran, Saudi Arabia, and UAE, as part of the grouping, collectively contribute to approximately 44% of the global crude oil production.
• The inclusion of Saudi Arabia and Iran boosts BRICS access to significant energy reserves, with Saudi oil increasingly directed to China and India, and Iran expanding its oil exports to China despite sanctions, highlighting the importance of energy cooperation within BRICS.
• The strategic inclusion of Egypt and Ethiopia enhances BRICS\' geopolitical significance by providing greater influence and access to the crucial maritime trade routes in the Horn of Africa and the Red Sea region.

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