LONDON(PTI):India muffed chances galore before a deft deflection from Nikkin Thimmaiah enabled it to pip…
Jayanth Jacob, New Delhi: The eighth BRICS summit of five major emerging nations, Brazil, Russia, India,
China and South Africa, will be held in Goa on October 15 and 16.
The BRICS summit is taking place in the backdrop of deteriorating India-Pakistan relations following an attack by Pakistan-based terrorists at an army base in Jammu and Kashmir’s Uri that killed 19 soldiers and retaliatory surgical strikes by India to neutralise terror launch pads along the Line of Control.
India is the chair of this year’s summit.
Here’s all you need to know about the grouping.
What is BRICS?
It is a grouping of five emerging economies – Brazil, Russia, India, China and South Africa. Together they comprise 43% of the world’s population, account for 30% of the world’s GDP and share 17% of the world’s trade.
Who coined the acronym?
BRICS was BRIC initially. South Africa attended the summit for the first time in 2011, making BRIC, BRICS. The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper, “The World Needs Better Economic BRICs.” (‘S’ did not stand for any country).
What was the logic behind the grouping?
It was based on projections on individual and collective economic might of these countries in future. It was said that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and be amongst the world’s largest economies in the next 50 years or so.
How did BRIC work before the first summit in 2009?
As a formal grouping, BRIC started after a meeting of the leaders of Russia, India and China in St Petersburg on the margins of G8 outreach summit in 2006.
The grouping was formalised during the first meeting of BRIC foreign ministers on the margins of a United Nations General Assembly (UNGA) meeting in New York in September 2006.