BRICS – Objectives, Significance, Challenges & Outcomes
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The 11th BRICS summit was concluded in November 2019 in a subdued manner. There weren’t any remarkable pronouncements and had largely gone unnoticed. Yet, BRICS meeting confirmed that the group thought as the challenger of the G7 group, was still together and taking efforts to build consensus for the future despite the current challenges faced by the member nations.
What is BRICS?
- Initially called BRIC, BRICS is the acronym coined to denote the five emerging economies – Brazil, Russia, India, China and South Africa. South Africa was the last to join the group in 2010.
- The British Economist, Jim O’Neill, to describe the emerging economies – Brazil, Russia, India, and China, coined the term BRIC in 2001.
- The Chairmanship of this grouping is rotated annua
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