WHAT IS B.R.I.C.S ? AND WHY IS IT SO IMPORTANT FOR INDIA ?

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BRICS is nothing but Brazil, Russia, India, China & South Africa. Initially, there were only 4 countries and later South Africa joined them forming the BRICS. BRICS constitute half of the world population and 40% of the global economy.

BRICS was mainly formed to emerge as a developing country beating the western countries, especially the economically dominating USA. The first BRIC summit was held in 2009 in Russia. The countries discussed the economic growth of these countries compared with the Global economy.

Then in 2010, South Africa joined us forming the BRICS. The second summit was held in Brazil and the moto of that summit was adding South Africa and discussing their relationship with SA.

In 2011, South Africa was added to the BRICS in the summit held in China.

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In 2012 BRICS started working, the agenda of the summit was held in India, where the countries announced BRICS cable optical fiber, to improve the telecommunication system between these nations.

In 2013, the 5th BRICS summit was held in South Africa, where the nations discussed environmental issues and the developments they can do to safeguard the environment in these nations.

In 2014, the 6th BRICS summit was held in Brazil, the event where the nations signed the New Development Bank and Contingent Reserve agreements (where $100 billion dollars were deposited by countries to use them for any sort of investment in Shanghai Bank in China).

In 2015, the 7th summit was held in Russia and discussion was about SCO-EEU. Joint summit (Eurasian Economic Union and Shanghai Cooperation Organisation).

In 2016, the 8th summit was held in INDIA, the agenda was BIMSTEC (Bay of Bengal
initiative for a multi-sector technical and economic corporation) where the nations neighboring India such as Bangladesh, Nepal, and some other south Asia and southeast Asia.

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In 2017, the 9th summit discussed defense and terrorism-related issues.

In 2018, the 10th summit discussed issues like Global development, women empowerment, vaccinations, terrorism..held in South Africa.

In 2019, PM Modi has just stepped his foot in Brazil for the meeting that will be held on 14th November.