BRICS is the acronym for a relationship of five noteworthy emerging national economies: Brazil, Russia, India, China and South Africa. The gathering was initially known as “BRIC” before the inclusion of South Africa in 2010. The BRICS members are all developing or recently industrialized nations, yet they are recognized by their expansive, fast-developing economies and huge impact on regional and worldwide undertakings; each of the five are G-20 members. Since 2010, the BRICS countries have met every year at formal summits. Russia as of now holds the seat of the BRICS group.
Starting 2015, the five BRICS nations represent more than 43% of the world population. The five countries have a joined ostensible GDP proportional to give or take 20% of the gross world product. Bilateral relations among BRICS countries have for the most part been led on the premise of non-obstruction, fairness, and shared advantage (win-win). It is evaluated that the consolidated GDP of BRICS would reach US$50 trillion mark by 2020.
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