Note4Students

From UPSC perspective, the following things are important :

Prelims level: BRICS-11, New members of BRICS

Why in the News?

Turkey has officially applied to join the BRICS group after Russia supported its entry. Russia is set to hold the BRICS Summit in Kazan from October 22 to 24, 2024.
- Malaysia and Thailand had also expressed their interest in joining the expanded BRICS group of emerging economies.

Turkey’s Geopolitical Position:

Joining BRICS could signify Turkey’s foreign policy shift, possibly distancing the country further from its long-standing ambition to join the European Union (EU).
Turkey has faced Western criticism for its purchase of Russian S-400 defence systems, its ties with Russia, and its stance on sanctions.
- Ankara is positioning itself as a middle power that can balance relationships between the West and the Global South.

What is BRICS?

	Details
Members	BRICS (Brazil, Russia, India, China, South Africa)
Origin	Coined by economist Jim O’Neill in 2001 as BRIC, formalised as BRICS in 2010
Formation	First meeting of BRIC Foreign Ministers in 2006. South Africa was invited to join BRIC in December 2010
Global share of BRICS	Population: 41% GDP: 24% Global trade: 16%
Chairmanship	Rotated annually among members, following sequence B-R-I-C-S
India’s Hosting	Hosted the 2021 BRICS Summit
Key Initiatives	New Development Bank (NDB) established in 2014: Approved 70 infrastructure and sustainable development projects Contingent Reserve Arrangement signed in 2014: Aims to forestall short-term balance of payments pressures and strengthen financial stability Customs agreements signed for trade facilitation BRICS Remote Sensing Satellite Constellation initiated in 2021: Involves six existing satellites developed by members
Expansion	Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined as new full members on January 1, 2024. Argentina refused to join the BRICS group in 2024 Malaysia, Thailand and Turkey have bid for its membership.

[2014] With reference to a grouping of countries known as BRICS, consider the following statements:

1. The First Summit of BRICS was held in Rio de Janeiro in 2009.

2. South Africa was the last to join the BRICS grouping.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(d) Neither 1 nor 2