BRICS(Brazil Russia India China South-Africa) is an acronym for an association of 5 major emerging economies namely Brazil, Russia, India, China and South Africa. It was originally named as BRIC before the inclusion of South Africa in 2010. The BRICS(Brazil Russia India China South-Africa) member are all developing or newly industrialized economies. All five countries are G-20 members.
The BRICS(Brazil Russia India China South-Africa) have received both praise and criticism from various countries. The term BRIC was given by Jim O'Neil. This acronym has come into worldwide use as a symbol of the shift in global economy power away from the developing world. It is estimated that BRICS economies will over take G7 economies by 2050.
The last BRICS Summit faced its most challenging situation and that was not because of countries in the west or any other world but because of its own two members that are India and China, it is important to see how the bilateral relationship and several other changes in geopolitics are now going to change the course of the BRICS engagement as well.
The power of BRICS:
They represents about 40% of total worlds population i.e. over 3.6 billion people. All five partner countries are among the top 20 countries having largest population.
The BRICS country set up New Development Bank which boost up the development and progress in these countries.
BRICS countries agreed upon in theGoa declaration of October'16, developingcommon positions of climate change, terrorism, energy and also world politics.
Among the group of emerging economies BRICS are playing a crucial if not systematic role in global economy. Three main aspects underlining the relevance of BRICS are as follows:
1. The outstanding size of economies.
2. Strong growth rates which leads to increase significance in world's economy.
3. The demand for a strong Political voice in international governance structure.
The impact of BRICS Development Cooperation:
1. Increase in trade.
2. Increase in FDI.
3. BRICS leading to debt sustainability.
4. BRICS leading to Economic growth and develop ment.
Challenges for India:
China is trying to include Pakistan and Sri-Lanka in BRICS.
Russia is moving away from India but towards India China.
US's new India-Afghanistan-Pakistan policy can also be a roadblock in good relations between BRICS countries.
So, at this unique moment, when India faces a multitude of challenges seeking its attention both towards the region and the global stage, BRICS provides a flexible platform for both.
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