BRICS | UPSC

Section	Details
Introduction	– Established in 2006, originally as BRIC (Brazil, Russia, India, China). – Became BRICS in 2010 with the inclusion of South Africa. – Expanded in 2024 to include Egypt, Ethiopia, Iran, and the UAE. – Focuses on fostering cooperation among emerging economies to enhance global economic stability and development.
Objectives	– Economic Cooperation: Promote sustainable and inclusive growth. – Political Collaboration: Strengthen global governance and regional stability. – Cultural Exchange: Foster deeper ties and understanding among member nations. – Global South Partnership: Provide a platform for the voices of developing countries on the global stage.
Members as of 2024	Total Members: 9 Member Countries: 1. Brazil 2. Russia 3. India 4. China 5. South Africa 6. Egypt 7. Ethiopia 8. Iran 9. United Arab Emirates
Reports/Indices	– BRICS Investment Report: Analyzes investment trends and economic opportunities. – BRICS Wealth Report: Highlights wealth distribution and economic progress. – BRICS Joint Statistical Publication: Provides socio-economic indicators. – S&P BRIC 40 Index: Tracks performance of major companies in BRICS countries. – BRICS Trade Data Insights: Analyzes inter-member trade flows and economic linkages.
Instruments	– New Development Bank (NDB): Funds infrastructure and development projects. – Contingent Reserve Arrangement (CRA): Offers financial stability during crises. – BRICS Payment System: Enables trade in local currencies. – BRICS Agreements on Trade and Investment: Facilitates smoother trade and foreign direct investment (FDI).
Structure	– Annual Summits: Heads of State/Government meet to decide strategic goals. – Ministerial Meetings: Discuss specific sectors such as finance, health, and trade. – Sherpa Meetings: Senior officials coordinate and monitor the implementation of summit decisions. – BRICS Secretariat: Administrative support for initiatives and meetings.
Subsidiary Organs	– BRICS Business Council: Enhances trade and investment cooperation. – BRICS Think Tanks Council: Supports research on shared challenges and opportunities. – BRICS Women’s Business Alliance: Promotes gender equality and supports women entrepreneurs. – BRICS Youth Forum: Facilitates dialogue and leadership opportunities for youth.
Committees	– Economic and Trade Committee: Oversees economic cooperation and trade policies. – Health Committee: Coordinates responses to health crises and promotes research. – Science, Technology, and Innovation Committee: Advances collaborative research. – Cultural Cooperation Committee: Promotes exchanges in arts, heritage, and language.
Initiatives	– BRICS Vaccine Research and Development Center: Advances vaccine research and equitable access. – BRICS Energy Research Cooperation Platform: Develops sustainable energy solutions. – BRICS Network University: Encourages academic collaboration and student mobility. – BRICS Pay: Facilitates international payments using local currencies. – BRICS Grain Exchange: Aims to stabilize grain prices and enhance food security. – BRICS Digital Economy Initiatives: Supports the integration of digital trade and e-commerce. – Climate and Sustainability Programs: Focus on green technology and sustainable development.