10 Facts About BRICS Summit You Should Know

BRICS Summit is held especially to focus on the economy and to take measures for the development of the economy in whole. In the very beginning, it was known as BRIC. But, now the termed has been changed to BRICS and the name stands for the initials of the member states who are a part of BRICS. It stands for Brazil, Russia, India, China and South Africa. These countries have been chosen because they are the new emerging economies and industries of the world and the development of these countries mean development of the world as a whole. That is the main motive of BRICS Summit. BRICS Summit holds within itself some interesting facts which are not known to the people.

Some of these facts are listed as under:

BRICS Summit

1. Members of the BRICS Summit

BRICS Summit is all about those industrialised countries which have just emerged as new economics and which have more progress written to their sides. All the five countries are developing countries and they are also members of G-20 as well. Because of their growing economies, it gets easy to utilise their resources for the maximum benefit of the countries itself. It is their economics which make them in the list of BRICS Summit.

2. Composition of BRICS

The BRICS Summit makes up to 40% population of the world and all the people belong to the emerging economics of the world. About 25% of the landmass is to the side of BRICS Summit and 20% of the global GDP also belong to BRICS. This is the main reason that BRICS has been able to grow economically and all of these countries have latest technologies with which they can easily make any new inventions and innovations. 43% global foreign reserves always keep on increasing their shares for the betterment of BRICS.

3. Population of BRICS

As recorded in 2012, the population of the five countries who are member of BRICS have recorded a population of 3 billion people and the percent has been increasing rapidly. This is a good thing for BRICS because more people means more work and employment and all the people can be taught to work hard to achieve better economies for themselves. The population depends on the combined population of all the five member countries of BRICS.

4. GDP of BRICS

Even though BRICS is made of only five countries but the combined GDP of these five countries make up to US$ 16.039 trillion. It is all because of the emerging industries in BRICS that make it possible only to shape the economy of a nation. The GDP of BRICS will be about US$50 million by the year 2020. It is only growing and rising because of the employment scales of the people and the countries are being able to generate more income levels for themselves. This is a good thing for BRICS and it is an overall achievement for them.

5. The relation which is bilateral

BRICS Summit is able to cooperate with each other only because of the bilateral relationship that these five countries have with each other. They look after the mutual benefit and equality of the countries in whole and they don’t interfere in the work of each other. They understand the meaning of cooperation and how it is easy just to work with understanding and mutuality.

6. The initial meeting of BRIC

BRIC met for their first meeting on September, 2006 and initially South Africa was not a part of BRIC. They met for the first time in New York City. This was a high level discussion for them and they all were excited and nervous about the meeting as a whole. This was just the beginning for them and they had a long way to go.

7. Jim O’Neill

Jim O’ Neill was the chairman of Goldman Sachs Asset Management branch and he was the one person who coined the term BRIC. He was always interested in the economy of a nation and he way happy that the emerging industries were joining hands to make their economy more prosperous. But, BRIC meant Building Better Global Economy for him. And he did all that he could to help BRIC in getting their right position and status.

8. By the year 2030

By the year 2030, everything will be changed for BRICS and they will be able to achieve the title of seventh largest economies of the world. In just the recent century, they are expecting and projecting to get close to G-7 in their works and meetings. BRICS is working very hard towards economy and hopefully they are on their path to get recognition and satisfaction and they are sure to get it.

9. Report of the Foreign Policy

America is said to have the largest purchasing power but BRICS is able to give competition to their American counterparts and there will be some kind of rivalry between them to prove who the best is. This is what The Foreign Policy report had to say.  Every country wants to increase their purchasing power and now BRICS is able to do that.

10. More technology used

With the involvement of BRICS, China has now been able to produce and sell more cell phones and televisions, refrigerators, etc. and this have all been possible because of their economy growing strong.

These are some of the facts about BRICS. More report yet to come on this Summit!

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