BRICS: Formation, Objectives, Economy, Member States & Summits
Complete Notes for Competitive Examinations (By Home Academy)
📌 Introduction
BRICS is a group of major emerging economies that plays a significant role in global economic governance. The term BRIC was first coined in 2001 by Jim O'Neill, and later expanded to BRICS with the inclusion of South Africa in 2010.
📅 Formation & Evolution
| Year | Event |
|---|---|
| 2001 | Term “BRIC” coined |
| 2006 | First informal meeting (UNGA sidelines) |
| 2009 | First BRIC Summit (Russia) |
| 2010 | South Africa included → BRICS |
| 2015 | Establishment of New Development Bank |
| 2023 | Expansion announced (new members invited) |
🌍 Member Countries
| Country | Capital | Key Feature |
|---|---|---|
| Brazil | Brasília | Agriculture powerhouse |
| Russia | Moscow | Energy giant |
| India | New Delhi | Fast-growing economy |
| China | Beijing | Manufacturing hub |
| South Africa | Pretoria | Gateway to Africa |
🌐 New Members (Expansion 2023)
| Country |
|---|
| Saudi Arabia |
| Iran |
| Egypt |
| Ethiopia |
| United Arab Emirates |
🎯 Objectives of BRICS
| Objective | Explanation |
|---|---|
| Economic Cooperation | Promote trade & investment among members |
| Reform Global Institutions | Voice against dominance of IMF & World Bank |
| Development Financing | Provide loans via NDB |
| South-South Cooperation | Strengthen developing nations |
| Multipolar World | Reduce Western dominance |
💰 Economic Importance
| Indicator | BRICS Share (Approx.) |
|---|---|
| World Population | ~40% |
| Global GDP | ~25–30% |
| Global Trade | ~20% |
| Natural Resources | Very High |
👉 BRICS countries are considered emerging economic powers shaping the future global economy.
🏦 Key Institutions
| Institution | Purpose |
|---|---|
| New Development Bank | Infrastructure & development funding |
| Contingent Reserve Arrangement (CRA) | Financial stability during crises |
🔄 Chairmanship of BRICS
Rotates annually among member countries
Based on alphabetical orderThe chair country hosts the summit
| Year | Chair Country |
|---|---|
| 2021 | India |
| 2022 | China |
| 2023 | South Africa |
| 2024 | Russia |
| 2025 | Brazil |
🌐 BRICS Summits (Important)
| Summit | Year | Key Highlight |
|---|---|---|
| 1st | 2009 | Russia – First official meeting |
| 5th | 2013 | Durban – Africa focus |
| 7th | 2015 | Ufa – NDB launched |
| 11th | 2019 | Brazil – Economic cooperation |
| 15th | 2023 | South Africa – Expansion decision |
📚 PYQ (Previous Year Questions)
Q1. BRICS initially included how many countries?
A. 3
B. 4 ✅
C. 5
D. 6
Q2. Which country joined BRICS in 2010?
A. India
B. China
C. South Africa ✅
D. Brazil
Q3. New Development Bank is headquartered in?
A. India
B. USA
C. China ✅
D. Russia
🧠 MCQs for Practice
Q1. Who coined the term BRIC?
A. Adam Smith
B. Jim O'Neill ✅
C. Keynes
D. Karl Marx
Q2. Which of the following is NOT a BRICS country?
A. Brazil
B. India
C. Japan ✅
D. China
Q3. BRICS Bank is also known as?
A. IMF
B. World Bank
C. New Development Bank ✅
D. ADB
Q4. Which country hosted the 2023 BRICS Summit?
A. India
B. China
C. South Africa ✅
D. Brazil
📊 Statement-Based Questions
Q1. Consider the following statements:
BRICS was formed in 2001.
South Africa joined in 2010.
BRICS has its own development bank.
Correct Answer:
A. 1 and 2 only
B. 2 and 3 only
C. 1 and 3 only
D. 2 and 3 only ✅
👉 Explanation:
Statement 1 is incorrect (term coined in 2001, not formation)
Statements 2 & 3 are correctQ2. Consider the following:
BRICS represents developed nations
It promotes multipolar world order
NDB provides infrastructure loans
Correct Answer:
B. 2 and 3 only ✅
⚠️ Important Exam Points
BRICS = Emerging economies group
NDB headquarters → Shanghai (China)Chairmanship rotates yearly
Focus on global financial reform
Expansion is a recent development (important for 2026 exams)
📢 Disclaimer
These notes are prepared by Er. Afzal Malik (Founder, Home Academy) for competitive exam aspirants. We strive for accuracy, but we are not responsible for any unintended errors or consequences.