BRICS is an acronym for the five major emerging economies of Brazil, Russia, India, China, and South Africa. The BRICS bloc was founded by these countries to foster cooperation and collaboration in a variety of fields, including economics, politics, and international affairs
When Goldman Sachs economist Jim O’Neill proposed the BRICS grouping in 2001, it was known simply as “BRIC.” South Africa joined the organization in 2010, and it has been referred to as BRICS since then. The primary goals of BRICS are to improve economic cooperation, reform international financial institutions such as the International Monetary Fund (IMF) and World Bank to reflect the changing global economic landscape, and foster political and diplomatic coordination on a variety of global issues.
Goals
- Economic Cooperation: Enhancing economic cooperation among BRICS members is one of the organization’s key goals. Fostering trade, investment, and economic growth are all part of this. The BRICS nations collaborate to build a more equal and inclusive global economic structure.
- Financial Reform: The BRICS countries push for the reform of international financial organizations such as the International Monetary Fund (IMF) and the World Bank to better reflect the changing global economic landscape. The group aims to strengthen its members’ influence in these institutions while decreasing Western countries’ dominance.
- Political discourse: BRICS provides a forum for its members to engage in political discourse and collaboration. Its goal is to improve mutual understanding, trust, and cooperation on regional and global political concerns. Discussions on peace, security, and conflict resolution are included.
- Multilateralism: The BRICS countries stress the necessity of a multipolar world order in which many powers have a voice in international affairs. They prefer multilateralism, diplomacy, and peaceful conflict resolution to unilateral initiatives.
- Development and Poverty Reduction: The BRICS are committed to addressing development concerns and decreasing poverty inside and outside of their member countries. It encourages collaboration in sectors including infrastructure development, healthcare, and education.
- Cultural and Academic Exchange: BRICS promotes cultural and academic exchange among its member countries in order to foster mutual understanding and people-to-people ties. This includes programs to encourage cultural events, educational exchanges, and scientific and technological collaboration.
- South-South Cooperation: The notion of South-South cooperation, which refers to collaboration among countries in the global South (developing countries), is embodied by BRICS. It aims to use its members’ collective strength to address similar challenges and opportunities.
- Sovereignty Respect: BRICS member countries emphasize the principle of sovereignty and non-interference in each other’s internal affairs. They respect each member’s right to establish its own domestic policies and goals.
- Global Governance: The BRICS countries strive to contribute to global governance by participating in international forums and pressing for reforms to global institutions in order to make them more inclusive and representative.
Conclusion
BRICS countries hold annual summits where their leaders meet to discuss common concerns, strengthen economic ties, and collaborate on international matters. Over the years, BRICS has evolved from a purely economic grouping to a forum for broader cooperation in areas such as security, health, education, and culture. BRICS represents a significant force in the global geopolitical landscape, challenging the dominance of traditional Western powers and advocating for a more multipolar world order.