What is the full form of BRICS

BRICS: Brazil Russia India China And South Africa

BRICS stands for Brazil, Russia, India, China and South Africa. It is an association of five major emerging national economies of the world: Brazil, Russia, India, China and South Africa. The association was initially called BRIC before the inclusion of South Africa in the year 2011.

The BRICS members are known for their significant influence on regional affairs. Since 2009, the BRICS nations have met annually at formal summits. Brazil hosted the most recent 11th BRICS summit on 13–14 November 2019.

Structure of BRICS

BRICS does not exist in form of organization, but it is an annual summit between the supreme leaders of five nations.
The Chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S.
BRICS cooperation in the past decade has expanded to include an annual programme of over 100 sectoral meetings.

Together, BRICS accounts for about 40% of the world’s population and about 30% of the GDP (Gross Domestic Product), making it a critical economic engine.

Main Objectives of BRICS

To become an alternative to World Bank and IMF to challenge US Supremacy
The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
To provide a self managed organization capable of planning and executing developmental and economical plans in member countries without being dependent on any foreign organization
BRICS takes into consideration each member’s growth, development and poverty objectives to ensure relations are built on the respective country’s economic strengths and to avoid competition where possible