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{{Distinguish2|[[BRIC]], an acronym and economic forecast theory promulgated by [[Goldman Sachs]]}}
{{Distinguish2|[[BRIC]] as an acronym for an economic forecast theory promulgated by [[Goldman Sachs]]}}
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Revision as of 00:02, 20 March 2012

Template:Distinguish2

Brazil, Russia, India, China and South Africa
A map highlighting the BRICS countries
A map highlighting the BRICS countries

BRICS

Federative Republic of Brazil
President (head of state and government): Dilma Rousseff
Russian Federation
President (head of state): Dmitry Medvedev
Prime Minister (head of government): Vladimir Putin
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
Republic of South Africa
President (head of state and government): Jacob Zuma
GDP (PPP) (US dollars)
GDP (nominal) (US dollars)

BRICS is an international political organisation of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2012, its 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 economies and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent roughly one-third of the world's total population, with a combined nominal GDP of US$13.6 trillion,[1] and an estimated US$4 trillion in combined foreign reserves.[4]

History

The foreign ministers of the four BRIC countries 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.[5]

First summit

The four BRIC countries met in Yekaterinburg for their first official summit on 16 June 2009,[6] with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending.[7] 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.[6][7] There was further discussion of ways that developing countries, such as the BRIC members, could become more involved in global affairs.[7]

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'.[8] 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.[9]

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.[10] South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group.[10] The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership.[11] In April 2011, South African President Jacob Zuma attended the 2011 BRICS summit in Sanya, China, as a full member.[12][13][14] The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011.[15]

BRICS summits

As of January 2012, there have been three BRICS summits, each hosted by a different member country. A fourth summit is scheduled to take place in India in late March 2012.[16][17]

Summit Participants Date Host country Host leader Location
1st BRIC June 16, 2009 Russia Dmitry Medvedev Yekaterinburg
2nd BRIC April 16, 2010 Brazil Luiz Inácio Lula da Silva Brasília
3rd BRICS April 14, 2011 People's Republic of China Hu Jintao Sanya
4th BRICS March 2012[17] India Manmohan Singh New Delhi

Member countries

The table below lists the five BRICS member countries, along with numerous salient facts about them, including their total populations, gross domestic products (GDP) and Human Development Index (HDI) ratings. The names of their leaders, finance ministers and central bank governors are also included.

Member Leader Finance Minister Central Bank Governor 2011 GDP
(nominal·PPP)
$Million USD[1] 		2011 GDP per capita
(nominal·PPP)
$USD[1] 		2011 HDI[18] 2010 Population
Brazil President Dilma Rousseff Minister of Finance Guido Mantega Alexandre Tombini 2,517,927 2,309,138 12,916 11,845 0.718 193,088,765
Russia President Vladimir Putin Minister of Finance Anton Siluanov Sergey Mikhaylovich Ignatyev 1,884,903 2,376,470 13,235 16,687 0.755 141,927,297
India Prime Minister Manmohan Singh Minister of Finance Pranab Mukherjee Duvvuri Subbarao 1,843,382 4,469,763 1,527 3,703 0.547 1,210,193,422
China President Hu Jintao Minister of Finance Xie Xuren Zhou Xiaochuan 6,988,470 11,316,224 5,183 8,394 0.687 1,338,612,968
South Africa President Jacob Zuma Minister of Finance Pravin Gordhan Gill Marcus 0,422,037 0,555,340 8,342 10,977 0.619 49,320,500

See also

References

  1. ^ a b c d e IMF, September 2011 data. Retrieved 2011-10-31.
  2. ^ SouthAfrica.info – New era as South Africa joins BRICS
  3. ^ "Russia-United Nations". Ministry of Foreign Affairs of the Russian Federation. Russia along with other developed countries reaffirmed the pledges to provide aid to developing countries (emphasis added). Retrieved 2011-10-17.
  4. ^ "Amid BRICS' rise and 'Arab Spring', a new global order forms". Christian Science Monitor, 18 October 2011. Retrieved 2011-10-20.
  5. ^ Cooperation within BRIC Kremlin.ru. Retrieved on 2009-06-16. Archived 2009-06-19.
  6. ^ a b "First summit for emerging giants". BBC News. 2009-06-16. Retrieved 2009-06-16.
  7. ^ a b c Bryanski, Gleb (2009-06-26). "BRIC demands more clout, steers clear of dollar talk". Reuters. Retrieved 2009-06-16.
  8. ^ "BRIC wants more influence". Euronews. Retrieved 2009-06-16.
  9. ^ "Dollar slides after Russia comments, BRIC summit". London: Guardian. 2009-06-16. Retrieved 2009-06-16.
  10. ^ a b Graceffo, Antonio (2011-01-21). "BRIC Becomes BRICS: Changes on the Geopolitical Chessboard". Foreign Policy Journal. Retrieved 2011-04-14.
  11. ^ Blanchard, Ben and Zhou Xin, reporting; Ken Wills, editing, "UPDATE 1-BRICS discussed global monetary reform, not yuan", Reuters Africa, April 14, 2011 9:03am GMT. Retrieved 2011-04-14.
  12. ^ "South Africa joins BRIC as full member". News.xinhuanet.com. 2010-12-24. Retrieved 2011-04-14.
  13. ^ "BRICS countries need to further enhance coordination: Manmohan Singh". Times Of India. 2011-04-12. Retrieved 2011-04-14.
  14. ^ "BRICS should coordinate in key areas of development: PM". Indianexpress.com. 2011-04-10. Retrieved 2011-04-14.
  15. ^ www.bricsforum.org. Retrieved 2011-10-31.
  16. ^ "Next BRICS summit in India in 2012". Times of India, 14 April 2011. Retrieved 2011-10-17.
  17. ^ a b "BRICS source of stability in time of recession: PM". The Economic Times, 15 December 2011. Retrieved 2011-12-24.
  18. ^ "Human Development Report 2011 – Human development statistical annex" (PDF). HDRO (Human Development Report Office United Nations Development Programme. pp. 127–130. Retrieved 2 November 2011.
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