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BRICS

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Brazil, Russia, India, China
and South Africa
(BRICS)
World map with BRICS countries highlighted
President: Dilma Rousseff
President: Vladimir Putin
Prime Minister: Dmitry Medvedev
President: Pranab Mukherjee
Prime Minister: Manmohan Singh
President: Hu Jintao
Premier: Wen Jiabao
President: Jacob Zuma
GDP (PPP)
GDP (nominal)
Area
Population

BRICS, originally "BRIC" before the inclusion of South Africa in 2010, is the title of an association of emerging national economies: Brazil, Russia, India, China and South Africa.[2] With the possible exception of Russia,[3] the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies[4] and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion,[1] and an estimated US$4 trillion in combined foreign reserves.[5] Presently, India holds the chair of the BRICS group.

Hu Jintao, the President of the People's Republic of China, has described the BRICS countries as defenders and promoters of developing countries and a force for world peace.[6] However, some analysts have highlighted potential divisions and weaknesses in the grouping, such as India and China's disagreements over territorial issues,[7] the failure of the BRICS to establish a World Bank-analogue development agency, slowing growth rates,[8] and disputes between the members over UN Security Council reform.[9]

History

The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.[10]

First BRIC summit

The BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009,[11] with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.[12] The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future.[11][12] There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.[12]

In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be 'diversified, stable and predictable'.[13] Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar – something which Russia had attacked in the past – it did spark a fall in the value of the dollar against other major currencies.[14]

Entry of South Africa

In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year.[15] South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group.[15] The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership.[16] In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member.[17][18][19]

Developments

The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.[20] In June 2012, the BRICS nations pledged $75 billion to boost the International Monetary Fund's lending power. However, this loan is conditional on IMF voting reforms.[21]

BRICS summits

The grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits were held, in 2009 and 2010. The first five-member BRICS summit was held in 2011. The most recent summit took place in New Delhi, India, on March 29, 2012.[22] The next BRICS summit is scheduled to take place in Durban, South Africa, in March 2013.[23]

Summit Participants Date Host country Host leader Location
1st BRIC June 16, 2009 Russia Dmitry Medvedev Yekaterinburg
2nd BRIC April 16, 2010 Brazil Luiz Inácio Lula da Silva Brasília
3rd BRICS April 14, 2011 China Hu Jintao Sanya
4th BRICS March 29, 2012 India Manmohan Singh New Delhi
5th BRICS March 26–27, 2013 South Africa Jacob Zuma Durban

Member countries

The table below lists the leaders, finance ministers and central bank governors of the five BRICS member countries. The countries' respective gross domestic products (GDP) and Human Development Index (HDI) ratings are also included.

Member Leader Finance minister Central bank governor 2011 nominal GDP
(overall • per capita)
$US[1] 		2011 HDI[24]
Brazil President Dilma Rousseff Minister of Finance Guido Mantega Alexandre Tombini 2,492 billion 12,788 0.718
Russia President Vladimir Putin Minister of Finance Anton Siluanov Sergey Mikhaylovich Ignatyev 1,850 billion 12,993 0.755
India Prime Minister Manmohan Singh Minister of Finance P. Chidambaram Duvvuri Subbarao 1,848 billion 1,489 0.547
China President Hu Jintao Minister of Finance Xie Xuren Zhou Xiaochuan 7,298 billion 5,413 0.687
South Africa President Jacob Zuma Minister of Finance Pravin Gordhan Gill Marcus 408 billion 8,066 0.619

See also

References

  1. ^ a b c d IMF. April 2012 data. Retrieved 2012-04-21.
  2. ^ "New era as South Africa joins BRICS". SouthAfrica.info. 11 April 2011. 2 December 2012.
  3. ^ "Russia-United Nations". Ministry of Foreign Affairs of the Russian Federation. Russia along with other developed countries reaffirmed the pledges to provide aid to developing countries (emphasis added). Retrieved 2011-10-17.
  4. ^ China, Brazil, India and Russia are all deemed to be growth-leading countries by the BBVA: BBVA EAGLEs Annual Report (PPT). BBVA Research. 2012. Retrieved 2012-04-16.
  5. ^ "Amid BRICS' rise and 'Arab Spring', a new global order forms". Christian Science Monitor. 18 October 2011. Retrieved 2011-10-20.
  6. ^ "Brics a force for world peace, says China". Business Day. Retrieved March 29, 2012.
  7. ^ "Brics summit exposes the high wall between India and China". Asia Times. 2 April 2012.
  8. ^ "Broken BRICs: Why the Rest Stopped Rising". Foreign Affairs. November/December 2012 issue. Retrieved 19 December 2012. {{cite web}}: Check date values in: |date= (help)
  9. ^ "BRICS Leaders Fail to Create Rival to World Bank". New York Times. 29 March 2012.
  10. ^ Cooperation within BRIC Kremlin.ru. Retrieved on 2009-06-16. Archived 2009-06-19.
  11. ^ a b "First summit for emerging giants". BBC News. 2009-06-16. Archived from the original on 18 June 2009. Retrieved 2009-06-16. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  12. ^ a b c Bryanski, Gleb (2009-06-26). "BRIC demands more clout, steers clear of dollar talk". Reuters. Archived from the original on 19 June 2009. Retrieved 2009-06-16. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  13. ^ "BRIC wants more influence". Euronews. Archived from the original on 21 June 2009. Retrieved 2009-06-16. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  14. ^ "Dollar slides after Russia comments, BRIC summit". London: Guardian. 2009-06-16. Archived from the original on 19 June 2009. Retrieved 2009-06-16. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  15. ^ a b Graceffo, Antonio (2011-01-21). "BRIC Becomes BRICS: Changes on the Geopolitical Chessboard". Foreign Policy Journal. Retrieved 2011-04-14.
  16. ^ Blanchard, Ben and Zhou Xin, reporting; Ken Wills, editing, "UPDATE 1-BRICS discussed global monetary reform, not yuan", Reuters Africa, April 14, 2011 9:03am GMT. Retrieved 2011-04-14.
  17. ^ "South Africa joins BRIC as full member". News.xinhuanet.com. 2010-12-24. Retrieved 2011-04-14.
  18. ^ "BRICS countries need to further enhance coordination: Manmohan Singh". Times Of India. 2011-04-12. Retrieved 2011-04-14.
  19. ^ "BRICS should coordinate in key areas of development: PM". Indianexpress.com. 2011-04-10. Retrieved 2011-04-14.
  20. ^ BRICS Forum website. Retrieved November 29, 2012.
  21. ^ "Russia says BRICS eye joint anti-crisis fund". Reuters. June 21, 2012. Retrieved December 5, 2012.
  22. ^ "BRICS: Fourth Summit New Delhi". Ministry of External Affairs of India. Retrieved 2012-03-21.
  23. ^ "Africa: Reporter's Notebook - All Systems Go for Brics Summit in SA". AllAfrica.com. 10 October 2012.
  24. ^ "Human Development Report 2011 – Human development statistical annex" (PDF). HDRO (Human Development Report Office) United Nations Development Programme. pp. 127–130. Retrieved 2 November 2011.


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