The BRICS is the acronym fro an association of five major economy's BRAZIL, RUSSIA, INDIA, CHINA and SOUTH AFRICA . the BRIC was formed on 16 June 2009 at that time their were only four members BRAZIL, RUSSIA, INDIA and CHINA.In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year South Africa officially became a member nation on 24 December 2010, after being formally invited by China to join and subsequently accepted by other BRIC countries.
In 2015, the five BRICS countries represent over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at 24) are in the top 10 of the world by population. As of 2018, these five nations have a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves.Overall the BRICS are forecaster to expand 4.6% in 2016, from an estimated growth of 3.9% in 2015. The World Bank expected BRICS growth to increase to 5.3% in 2017. The BRICS have received both praise and criticism from numerous commentators.
The main focus of the BRICS countries were on the followings -
economic and financial corporation
1. New Development Banks (NDB)
2. Development
3. Health
4. Science technology and innovation
5. Contingent reserve arrangement (CRA)
6. Security
7. Business
And now on 13th to 14th of November 2019 the 11th BRICS summit were held on BRAZIL.
The moto of 11th BRICS summit 2019 is "ECONOMIC GROWTH FOR INNOVATIVE FUTURE".
Host country - BRAZIL
Venue - INTAMARATY PALACE, BRASILIA, BRAZIL
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