BRICS - Wikipedia, the free encyclopedia

http://en.wikipedia.org/wiki/BRICS

From Wikipedia, the free encyclopedia

BRICS is the title of an association of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2012, the group's five members are Brazil, Russia, India, China and South Africa.[2] With the possible exception of Russia,[3] the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies[4] and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion,[1] and an estimated US$4 trillion in combined foreign reserves.[5]

Brazil, Russia, India, China and South Africa

BRICS Federative Republic of Brazil President (head of state and government): Dilma Rousseff Russian Federation President (head of state): Vladimir Putin Prime Minister (head of government): Dmitry Medvedev Republic of India President (head of state): Pratibha Patil Prime Minister (head of government): Manmohan Singh People's Republic of China President (head of state): Hu Jintao Premier (head of government): Wen Jiabao

President of the People's Republic of South Africa Republic of China Hu President (head of state and government): Jacob Zuma Jintao has described the BRICS countries as defenders and promoters of Key member statistics developing countries and a force for world peace.[6] GDP (PPP) (US dollars) However, some analysts GDP (nominal) (US dollars) have highlighted potential Area divisions and weaknesses in Population the grouping, such as India and China's disagreements over Tibetan and border issues,[7] the failure of the BRICS to establish a World Bank-analogue development agency, and disputes between the members over UN Security Council reform.[8]

1 History

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http://en.wikipedia.org/wiki/BRICS

1.1 First summit 1.2 Entry of South Africa 2 BRICS summits 3 Member countries 4 See also 5 References 6 External links

The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on May 16, 2008.[9]

First summit
The BRIC grouping's first formal summit commenced in Yekaterinburg on June 16, 2009,[10] with Luiz Incio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.[11] The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future.[10][11] There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.[11] In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be 'diversified, stable and predictable'.[12] Although the statement that was released did not directly criticise the perceived 'dominance' of the US dollar something which Russia had attacked in the past it did spark a fall in the value of the dollar against other major currencies.[13]

Entry of South Africa

In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year.[14] South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group.[14] The group was renamed BRICS with the "S" standing for South Africa to reflect the group's expanded membership.[15] In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member. [16][17][18] The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.[19]

The grouping has held annual summits since 2009, with member countries taking turns to host. Prior to South Africa's admission, two BRIC summits were held, in 2009 and 2010. The first five-member BRICS summit was held in 2011. The most recent summit took place in New Delhi, India, on March 29, 2012.[20] Summit Participants 1st BRIC Date June 16, 2009 Host country Russia Host leader Dmitry Medvedev Location Yekaterinburg

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2nd 3rd 4th 5th

BRIC BRICS BRICS BRICS

April 16, 2010 April 14, 2011 2013

Brazil China

Luiz Incio Lula da Silva Braslia Hu Jintao Manmohan Singh Sanya New Delhi TBA

March 29, 2012 India

South Africa Jacob Zuma

The table below lists the leaders, finance ministers and central bank governors of the five BRICS member countries. The countries' respective gross domestic products (GDP) and Human Development Index (HDI) ratings are also included. 2011 GDP (nominal) (overallper capita) $USD[1] 2,492 12,788 billion 1,850 12,993 billion 1,676 1,388 billion 7,298 5,413 billion 408 8,066 billion

Member

Leader

Finance minister

Central bank governor

2011 HDI[21]

Brazil

Dilma President Rousseff President Vladimir Putin

Minister Guido of Mantega Finance Minister Anton of Siluanov Finance

Alexandre Tombini Sergey Mikhaylovich Ignatyev

0.718

Russia

0.755

India

Prime Manmohan Minister Singh President Hu Jintao

Minister Duvvuri Pranab of Mukherjee Subbarao Finance Minister Zhou of Xie Xuren Xiaochuan Finance Minister Pravin of Gordhan Finance Gill Marcus

0.547

China South Africa

0.687

President Jacob Zuma

0.619

Emerging and growth-leading economies G8+5 G20 Group of 77 IBSA List of potential superpowers

grp=0&a=&pr.x=89&pr.y=9) , April 2012 data. 1. ^ a b c d IMF (http://www.imf.org/external/pubs/ft Retrieved 2012-04-21. /weo/2012/01/weodata/weorept.aspx?sy=2010& 2. ^ SouthAfrica.info New era as South Africa ey=2017&scsm=1&ssd=1&sort=country& joins BRICS (http://www.southafrica.info/global ds=.&br=1& /brics/brics-080411.htm) c=223%2C924%2C922%2C199%2C534& s=NGDPD%2CNGDPDPC%2CPPPGDP%2CPPPPC& 3. ^ "Russia-United Nations" (http://www.un.int

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4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

2009-06-16. http://www.guardian.co.uk/business /russia/new/MainRoot/docs/off_news/130109 /feedarticle/8561428. Retrieved 2009-06-16. /newen2.htm) . Ministry of Foreign Affairs of the Russian Federation. http://www.un.int/russia 14. ^ a b Graceffo, Antonio (2011-01-21). "BRIC /new/MainRoot/docs/off_news/130109 Becomes BRICS: Changes on the Geopolitical /newen2.htm. "Russia along with other developed Chessboard" (http://www.foreignpolicyjournal.com countries reaffirmed the pledges to provide aid to /2011/01/21/bric-becomes-brics-changes-on-thedeveloping countries" (emphasis added). Retrieved geopolitical-chessboard/2/) . Foreign Policy 2011-10-17. Journal. http://www.foreignpolicyjournal.com ^ China, Brazil, India and Russia are all deemed to /2011/01/21/bric-becomes-brics-changes-on-thebe growth-leading countries by the BBVA: BBVA geopolitical-chessboard/2/. Retrieved 2011-04-14. EAGLEs Annual Report (PPT) 15. ^ Blanchard, Ben and Zhou Xin, reporting; Ken (http://www.bbvaresearch.com/KETD/fbin Wills, editing, "UPDATE 1-BRICS discussed /mult/120215_BBVAEAGLES_Annual_Report_tcm348-288784.pdf?ts=1642012) global monetary reform, not yuan" . BBVA Research, 2012. Retrieved 2012-04-16. (http://af.reuters.com/article/southAfricaNews ^ "Amid BRICS' rise and 'Arab Spring', a new /idAFL3E7FE13B20110414) , Reuters Africa, global order forms" (http://www.csmonitor.com April 14, 2011 9:03am GMT. Retrieved /World/Global-Issues/2011/1018/Amid-BRICS2011-04-14. rise-and-Arab-Spring-a-new-global-order-forms) . 16. ^ "South Africa joins BRIC as full member" Christian Science Monitor, 18 October 2011. (http://news.xinhuanet.com/english2010/china Retrieved 2011-10-20. /2010-12/24/c_13662138.htm) . ^ "Brics a force for world peace, says China" News.xinhuanet.com. 2010-12-24. (http://www.businessday.co.za/articles http://news.xinhuanet.com/english2010/china /Content.aspx?id=168422) . Business Day (South /2010-12/24/c_13662138.htm. Retrieved Africa). http://www.businessday.co.za/articles 2011-04-14. /Content.aspx?id=168422. Retrieved March 29, 17. ^ "BRICS countries need to further enhance 2012. coordination: Manmohan Singh" ^ "Brics summit exposes the high wall between (http://timesofindia.indiatimes.com/india/BRICSIndia and China" (http://www.atimes.com/atimes countries-need-to-further-enhance-coordination/Global_Economy/ND03Dj01.html) . Asia Times, 2 Manmohan-Singh/articleshow/7961167.cms) . April 2012. Times Of India. 2011-04-12. ^ "BRICS Leaders Fail to Create Rival to World http://timesofindia.indiatimes.com/india/BRICSBank" (http://www.nytimes.com/2012/03/30/world countries-need-to-further-enhance-coordination/asia/brics-leaders-fail-to-create-rival-to-worldManmohan-Singh/articleshow/7961167.cms. bank.html?_r=1) New York Times, 29 March 2012. Retrieved 2011-04-14. ^ Cooperation within BRIC (http://www.kremlin.ru 18. ^ "BRICS should coordinate in key areas of /eng/articles/bric_1.shtml) Kremlin.ru. Retrieved on development: PM" (http://www.indianexpress.com 2009-06-16. Archived (http://www.webcitation.org /news/brics-should-coordinate-in-key-areas/5heLcSbIK) 2009-06-19. of-development-pm/775130/) . Indianexpress.com. 2011-04-10. http://www.indianexpress.com ^ a b "First summit for emerging giants" /news/brics-should-coordinate-in-key-areas(http://news.bbc.co.uk/1/hi/business/8102216.stm) of-development-pm/775130/. Retrieved . BBC News. 2009-06-16. http://news.bbc.co.uk 2011-04-14. /1/hi/business/8102216.stm. Retrieved 2009-06-16. 19. ^ www.bricsforum.org (http://www.bricsforum.org) ^ a b c Bryanski, Gleb (2009-06-26). "BRIC . Retrieved 2011-10-31. demands more clout, steers clear of dollar talk" 20. ^ BRICS: Fourth Summit New Delhi (http://www.reuters.com/article/marketsNews (http://www.bricsindia.in/fourthsummit.html) /idUSLG67435120090616) . Reuters. Ministry of External Affairs of India. Retrieved on http://www.reuters.com/article/marketsNews 2012-03-21. /idUSLG67435120090616. Retrieved 2009-06-16. 21. ^ "Human Development Report 2011 Human ^ "BRIC wants more influence" development statistical annex" (http://hdr.undp.org (http://www.euronews.net/2009/06/16/bric-wants/en/media/HDR_2011_EN_Tables.pdf) . HDRO more-influence/) . Euronews. (Human Development Report Office United http://www.euronews.net/2009/06/16/bric-wantsNations Development Programme. pp. 127130. more-influence/. Retrieved 2009-06-16. http://hdr.undp.org/en/media ^ "Dollar slides after Russia comments, BRIC /HDR_2011_EN_Tables.pdf. Retrieved 2 summit" (http://www.guardian.co.uk/business November 2011. /feedarticle/8561428) . London: Guardian.

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BRICS Information Centre (University of Toronto) (http://www.brics.utoronto.ca/) China Daily: BRIC(S) nations have become growth markets for the world economy and are no longer emerging markets (http://www.chinadaily.com.cn/china/brics2011/2011-04/13/content_12317967.htm) BRICS flame continues to shine (http://indrus.in/articles/2012/02 /29/brics_flame_continues_to_shine_15000.html) Goldman's O'Neill: Time to move beyond BRICs (http://www.marketwatch.com/story/goldmansoneill-time-to-move-beyond-brics-2011-11-21) Reuters: United States should learn from emerging powers such as India and Brazil in the economic arena (http://www.reuters.com/article/2011/10/14/us-usa-clinton-idUSTRE79D2R520111014) Retrieved from "http://en.wikipedia.org/w/index.php?title=BRICS&oldid=494029215" Categories: BRICS Country classifications Foreign relations of Brazil Foreign relations of Russia Foreign relations of India Foreign relations of China Foreign relations of South Africa This page was last modified on 23 May 2012 at 18:38. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of use for details. Wikipedia is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

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