BRICS
Encyclopedia
| Brazil, Russia, India, China and South Africa |
|---|
BRICS Federative Republic of Brazil Brazil Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
Russian Federation Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
Republic of India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
People's Republic of China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
Republic of South Africa South Africa The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
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BRICS is an international political organisation of leading emerging economies, arising out of the inclusion of South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
into the BRIC
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
group in 2010. As of 2011, its five members are Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
. With the possible exception of Russia, the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large economies and significant influence on regional and global affairs. As of 2011, the five BRICS countries represent roughly one-third of the world's total population, with a combined nominal GDP of US$13.6 trillion, and an estimated US$4 trillion in combined foreign reserves.
History
The foreign ministerForeign minister
A Minister of Foreign Affairs, or foreign minister, is a cabinet minister who helps form the foreign policy of a sovereign state. The foreign minister is often regarded as the most senior ministerial position below that of the head of government . It is often granted to the deputy prime minister in...
s of the four BRIC
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
countries met in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg
Yekaterinburg
Yekaterinburg is a major city in the central part of Russia, the administrative center of Sverdlovsk Oblast. Situated on the eastern side of the Ural mountain range, it is the main industrial and cultural center of the Urals Federal District with a population of 1,350,136 , making it Russia's...
, Russia, on May 16, 2008.
First summit
The BRIC countries met in Yekaterinburg for their first official summit1st BRIC summit
The 1st BRIC summit took place in Yekaterinburg, Russia on June 16, 2009. The four heads of government from the BRIC countries attended.-Overview:...
on 16 June 2009, with Luiz Inácio Lula da Silva
Luiz Inácio Lula da Silva
Luiz Inácio Lula da Silva , known popularly as Lula, served as the 35th President of Brazil from 2003 to 2010.A founding member of the Workers' Party , he ran for President three times unsuccessfully, first in the 1989 election. Lula achieved victory in the 2002 election, and was inaugurated as...
, Dmitry Medvedev
Dmitry Medvedev
Dmitry Anatolyevich Medvedev is the third President of the Russian Federation.Born to a family of academics, Medvedev graduated from the Law Department of Leningrad State University in 1987. He defended his dissertation in 1990 and worked as a docent at his alma mater, now renamed to Saint...
, Manmohan Singh
Manmohan Singh
Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian...
, and Hu Jintao
Hu Jintao
Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang...
, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s, and discussed how the four countries could better co-operate in the future. There was furthermore discussion on ways that developing countries, such as the BRIC members, could become more involved in global affairs.
In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency
World currency
In the foreign exchange market and international finance, a world currency, supranational currency, or global currency refers to a currency in which the vast majority of international transactions take place and which serves as the world's primary reserve currency...
, which would have to be 'diversified, stable and predictable'. Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
- something which Russia had attacked in the past - it still led to a fall in the value of the dollar against other major currencies.
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. South Africa officially became a member nation on December 24, 2010, after being formally invited by China and the other BRIC countries to join the group. The group was renamed BRICS - with the "S" standing for South Africa - to reflect the group's expanded membership. In April 2011, South African President Jacob ZumaJacob Zuma
Jacob Gedleyihlekisa Zuma is the President of South Africa, elected by parliament following his party's victory in the 2009 general election....
attended the 2011 BRICS summit
2011 BRICS summit
The 2011 BRICS summit took place in Sanya on the island of Hainan, China, on 14 April 2011. This was the third BRICS summit since 2009. The meeting took place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days.-Theme and...
in Sanya
Sanya
Sanya is the southernmost city in China and is a part of Hainan Province. In 2006, it had a population of 536,000, making it, after the provincial capital , the second most populous city on the island. The city is renowned for its tropical climate and has emerged as a popular tourist destination,...
, China, as a full member.
The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.
BRICS summits
, there have been three BRICS summits, each hosted by a different member country. A fourth summit is scheduled to take place in India in 2012.| Summit | Participants | Date | Host country | Host leader | Location |
|---|---|---|---|---|---|
| 1st | BRIC | June 16, 2009 | Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... |
Dmitry Medvedev Dmitry Medvedev Dmitry Anatolyevich Medvedev is the third President of the Russian Federation.Born to a family of academics, Medvedev graduated from the Law Department of Leningrad State University in 1987. He defended his dissertation in 1990 and worked as a docent at his alma mater, now renamed to Saint... |
Yekaterinburg Yekaterinburg Yekaterinburg is a major city in the central part of Russia, the administrative center of Sverdlovsk Oblast. Situated on the eastern side of the Ural mountain range, it is the main industrial and cultural center of the Urals Federal District with a population of 1,350,136 , making it Russia's... |
| 2nd 2010 BRIC summit The 2010 BRIC summit took place in Brasilia, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days.... |
BRIC | April 16, 2010 | Brazil Brazil Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people... |
Luiz Inácio Lula da Silva Luiz Inácio Lula da Silva Luiz Inácio Lula da Silva , known popularly as Lula, served as the 35th President of Brazil from 2003 to 2010.A founding member of the Workers' Party , he ran for President three times unsuccessfully, first in the 1989 election. Lula achieved victory in the 2002 election, and was inaugurated as... |
Brasília Brasília Brasília is the capital city of Brazil. The name is commonly spelled Brasilia in English. The city and its District are located in the Central-West region of the country, along a plateau known as Planalto Central. It has a population of about 2,557,000 as of the 2008 IBGE estimate, making it the... |
| 3rd 2011 BRICS summit The 2011 BRICS summit took place in Sanya on the island of Hainan, China, on 14 April 2011. This was the third BRICS summit since 2009. The meeting took place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days.-Theme and... |
BRICS | April 14, 2011 | People's Republic of China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres... |
Hu Jintao Hu Jintao Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang... |
Sanya Sanya Sanya is the southernmost city in China and is a part of Hainan Province. In 2006, it had a population of 536,000, making it, after the provincial capital , the second most populous city on the island. The city is renowned for its tropical climate and has emerged as a popular tourist destination,... |
| 4th | BRICS | 2012 | India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world... |
Manmohan Singh Manmohan Singh Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian... |
New Delhi New Delhi New Delhi is the capital city of India. It serves as the centre of the Government of India and the Government of the National Capital Territory of Delhi. New Delhi is situated within the metropolis of Delhi. It is one of the nine districts of Delhi Union Territory. The total area of the city is... |
Member countries
The table below lists the five BRICS member countries, along with numerous salient facts about them, including their total populations, gross domestic productGross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
s (GDP) and Human Development Index
Human Development Index
The Human Development Index is a composite statistic used to rank countries by level of "human development" and separate "very high human development", "high human development", "medium human development", and "low human development" countries...
(HDI) ratings. The names of their leaders, finance ministers and central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
governors are also included.
| Member | Leader | Finance Minister | Central Bank Governor | 2011 GDP (nominal·PPP) $Million USD |
2011 GDP per capita (nominal·PPP) $USD |
2011 HDI | 2010 Population | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Brazil Brazil Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people... |
President President of Brazil The president of Brazil is both the head of state and head of government of the Federative Republic of Brazil. The president leads the executive branch of the federal government and is the commander-in-chief of the Brazilian Armed Forces... |
Dilma Rousseff Dilma Rousseff Dilma Vana Rousseff is the 36th and current President of Brazil. She is the first woman to hold the office. Prior to that, in 2005, she was also the first woman to become Chief of Staff of Brazil, appointed by then President Luiz Inácio Lula da Silva.... |
Minister of Finance Ministry of Finance (Brazil) The Ministry of Finance of Brazil was created in 1808 with the title Secretaria de Estado dos Negócios do Brazil e da Fazenda. The ministry is responsible for formulating and implementing the country's economic policy.-External links:*... |
Guido Mantega Guido Mantega Guido Mantega is a Brazilian economist, politician and currently Brazil's Finance Minister. He graduated in Economics from the Faculdade de Economia, Administração e Contabilidade of the University of São Paulo and is a professor of Economics at several leading universities of São Paulo.He has... |
Alexandre Tombini Alexandre Tombini Alexandre Antônio Tombini is a Brazilian economist. He is the current president of Central Bank of Brazil.- External links :*... |
2,517,927 | 2,309,138 | 12,916 | 11,845 | 0.718 | 193,088,765 |
| Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... |
President President of the Russian Federation The President of the Russian Federation is the head of state, supreme commander-in-chief and holder of the highest office within the Russian Federation... |
Dmitry Medvedev Dmitry Medvedev Dmitry Anatolyevich Medvedev is the third President of the Russian Federation.Born to a family of academics, Medvedev graduated from the Law Department of Leningrad State University in 1987. He defended his dissertation in 1990 and worked as a docent at his alma mater, now renamed to Saint... |
Minister of Finance Ministry of Finance of the Russian Federation Ministry of Finance of the Russian Federation is a federal ministry, responsible for general financial policy and for general management in the field of finance of the Russian Federation. The ministry has two predecessors, the most notable one being the Ministry of Finance of the USSR, the other... |
Anton Siluanov Anton Siluanov Anton Germanovich Siluanov is a Russian politician and economist. On September 27, 2011 appointed Acting Minister of Finance of the Russian Federation by Prime Minister Vladimir Putin... |
Sergey Mikhaylovich Ignatyev | 1,884,903 | 2,376,470 | 13,235 | 16,687 | 0.755 | 141,927,297 |
| India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world... |
Prime Minister Prime Minister of India The Prime Minister of India , as addressed to in the Constitution of India — Prime Minister for the Union, is the chief of government, head of the Council of Ministers and the leader of the majority party in parliament... |
Manmohan Singh Manmohan Singh Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian... |
Minister of Finance Finance Minister of India The Minister of Finance, also known as the Finance Minister of India is a cabinet position in the Government of India and heads the Ministry of Finance. He drafts the general budget of the country, and is in charge of the national economy. Currently, Pranab Mukherjee holds the charge of finance... |
Pranab Mukherjee Pranab Mukherjee Pranab Kumar Mukherjee is the current Finance Minister of India and leader of the current Lok Sabha.Mukherjee is a senior member of the Cabinet Committees on Economic Affairs, Infrastructure, Parliamentary Affairs, Political Affairs, Prices, Security, Unique Identification Authority of India,... |
Duvvuri Subbarao Duvvuri Subbarao Duvvuri Subbarao is an Indian economist, central banker, and civil servant. He is the 22nd and current Governor of Reserve Bank of India, serving under Prime Minister Manmohan Singh.... |
1,843,382 | 4,469,763 | 1,527 | 3,703 | 0.547 | 1,210,193,422 |
| China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres... |
President President of the People's Republic of China The President of the People's Republic of China is a ceremonial office and a part of State organs under the National People's Congress and it is the head of state of the People's Republic of China . The office was created by the 1982 Constitution... |
Hu Jintao Hu Jintao Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang... |
Minister of Finance Ministry of Finance of the People's Republic of China The Ministry of Finance of the People's Republic of China is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.The... |
Xie Xuren Xie Xuren Xie Xuren , is the current Minister of Finance of People's Republic of China, and former Director-General of the State Administration of Taxation. He's also a member of the 17th CPC Central Committee.-Biography:... |
Zhou Xiaochuan Zhou Xiaochuan Zhou Xiaochuan is a Chinese economist, banker, reformist and bureaucrat. As governor of the People's Bank of China since December 2002, he has been in charge of the monetary policy of the People's Republic of China.... |
6,988,470 | 11,316,224 | 5,183 | 8,394 | 0.687 | 1,338,612,968 |
| South Africa South Africa The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans... |
President President of South Africa The President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. From 1961 to 1994, the head of state was called the State President.... |
Jacob Zuma Jacob Zuma Jacob Gedleyihlekisa Zuma is the President of South Africa, elected by parliament following his party's victory in the 2009 general election.... |
Minister of Finance | Pravin Gordhan Pravin Gordhan Pravin Jamnadas Gordhan is a South African political figure, serving as Minister of Finance since May 2009. He was previously the Commissioner of the South African Revenue Service from 1999 to 2009. From 1991 and 1994, he chaired the Convention for a Democratic South Africa... |
Gill Marcus Gill Marcus Gill Marcus is the ninth Governor of the South African Reserve Bank. She is the first woman to hold the position.-Early Years:Marcus was born in Johannesburg, South Africa. Her grandparents were Jewish immigrants from Lithuania... |
422,037 | 555,340 | 8,342 | 10,977 | 0.619 | 49,320,500 |
Global rankings
As of 2011, the five BRICS countries are prominent or superlative in numerous economic, social, political and military rankings. For example, China is the world's second-largest economy, while India has the world's fourth-highest GDP growth rate. Rankings in the global top five in any category are noted in bold.| Category | Brazil Brazil Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people... |
Russia Russia Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects... |
India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world... |
People's Republic of China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres... |
South Africa South Africa The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans... |
|---|---|---|---|---|---|
| Area | 5th | 1st | 7th | 3rd/4th | 25th |
| Population | 5th | 9th | 2nd | 1st | 25th |
| Population growth rate | 107th | 221st | 93rd | 156th | 158th |
| Labour force | 5th | 7th | 2nd | 1st | 34th |
| GDP (nominal) | 7th | 11th | 10th | 2nd | 28th |
| GDP (PPP) | 8th | 6th | 4th | 2nd | 25th |
| GDP (nominal) per capita | 53rd | 56th | 138th | 94th | 71st |
| GDP (PPP) per capita | 71st | 51st | 127th | 93rd | 77th |
| GDP (real) growth rate | 15th | 88th | 4th | 5th | 117th |
| Human Development Index | 73rd | 65th | 119th | 89th | 110th |
| Exports | 18th | 11th | 16th | 1st | 36th |
| Imports | 20th | 17th | 11th | 2nd | 34th |
| Current account balance | 187th | 4th | 169th | 1st | 179th |
| Received FDI | 11th | 12th | 29th | 5th | 31st |
| Foreign exchange reserves | 7th | 3rd | 6th | 1st | 33rd |
| External debt | 28th | 24th | 26th | 23rd | 45th |
| Public debt | 47th | 122nd | 29th | 98th | 88th |
| Electricity consumption | 9th | 4th | 5th | 1st | 14th |
| Number of mobile phones | 5th | 4th | 2nd | 1st | 25th |
| Number of internet users | 5th | 7th | 4th | 1st | 44th |
| Motor vehicle production | 6th | 19th | 7th | 1st | 24th |
| Military expenditures | 12th | 5th | 10th | 2nd | 43rd |
| Active troops | 14th | 5th | 3rd | 1st | 59th |
| Rail network | 10th | 2nd | 4th | 3rd | 12th |
| Road network | 4th | 8th | 3rd | 2nd | 18th |
See also
- G8+5G8+5The G8+5 group of leaders consists of the heads of government from the G8 nations , plus the heads of government of the five leading emerging economies .-February 2007 Declaration:On February 16, 2007, The Global Legislators Organisation The G8+5 group of leaders consists of the heads of government...
- G20
- Group of 77Group of 77The Group of 77 at the United Nations is a loose coalition of developing nations, designed to promote its members' collective economic interests and create an enhanced joint negotiating capacity in the United Nations. There were 77 founding members of the organization, but the organization has...
- List of potential superpowers
- Chinese CenturyChinese CenturyThe Chinese Century is a neologism referring to the possibility that the 21st century will be dominated by the People's Republic of China, similarly to how the 20th century is often called the American Century, and the 19th century the British Century...