10 Facts about BRICS

Saturday, August 29th 2015. | Economy

Facts about BRICS talk about an association which focuses on the economy. In the past the association was called BRIC. Now it is called BRICS for South Africa was included in the association in 2010. BRICS stands for Brazil, Russia, India, China and South Africa. These countries are considered as the major emerging national economies. Get more interesting facts about BRICS below:

Facts about BRICS 1: the members of BRICS

The members of BRICS are the newly industrialized countries or the developing countries. Brazil, Russia, India, China, and South Africa are the members of G-20 too. These countries have the fast and large growing economies.

Facts about BRICS 2: the formal summits

The formal summits have been conducted by the members of BRICS since 2010. In July 2015, Russia will be the host for the seventh summit of BRICS.

BRICS 2014

Facts about BRICS 3: the representation

Even though the members of BRICS are only five countries, do you know that they actually represent more than 3 billion people as of 2015? The people who live in those five countries occupy 42 percent of the global population in the world. If you check the countries of BRICS based on the population, four of them are in top 10 by population, while all five are in top 25 by population.

Facts about BRICS 4: the combined GDP

Can you count the combined GDP of BRICS? These five countries have GDP of US$16.039 trillion. The people estimate that by 2020, the combined GDP of BRICS can reach US$50 trillion. Find facts about Brazil’s economy here.

BRICS

Facts about BRICS 5: the bilateral relation

The five nations in BRICS have the bilateral relationship which focuses on the mutual benefit, equality and non interference basis.

Facts about BRICS 6: Jim O’Neill

Jim O’Neill is the chairman of Goldman Sachs Asset Management to coin the term BRIC in 2001. O’Neill used the word BRIC in his Building Better Global Economic BRICs.

Facts about BRICS

Facts about BRICS 7: the meeting for the initial BRIC

In September 2006, the initial members of BRIC which include Brazil, Russia, India and China sent their foreign ministers to have a meeting in New York City. It was considered as the beginning of high level meeting for BRIC.

Facts about BRICS 8: the first summit of BRIC

On 16 June 2009, BRIC conducted the first summit in Yekaterinburg. The leaders of Brazil, Russia, India and China who presented in the summit were Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao.