The leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St. Petersburg, Russia, on the margins of G8 Outreach Summit in July 2006. Shortly afterwards, in September 2006, the group was formalised as BRIC during the 1st BRIC Foreign Ministers’ Meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City.
After a series of high-level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009.
BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers’ meeting in New York in September 2010. Accordingly, South Africa attended the 3rd BRICS Summit in Sanya, China on 14 April 2011.
Since then, BRICS has grown. Watch who are the newest members of BRICS:
The bloc is an important grouping bringing together the major emerging economies from the world, comprising 41% of the world population. Chinese and Indian’s economic strength is a major factor in the rise of BRICS. Together the two countries make up nearly 25% of the PPP-adjusted $164 trillion world economy.
The five BRICS nations surpassed G7(Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union has a combined GDP) in terms of their combined GDP in 2020.
BRICS has shifted the geopolitical system of the world. Watch BRICS’s latest combined GDP (PPP):
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