Why in the News?

India joined a meeting of foreign ministers from the BRICS group, which was held in Russia. This meeting was the first one after BRICS expanded in 2023 to include Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE became as full-time members.

What is BRICS?

	Details
Members	BRICS (Brazil, Russia, India, China, South Africa)
Origin	Coined by economist Jim O’Neill in 2001 as BRIC, formalized as BRICS in 2010
Formation	First meeting of BRIC Foreign Ministers in 2006
South Africa’s Inclusion	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

The primary objectives of BRICS (Brazil, Russia, India, China, and South Africa) are to promote economic cooperation, development, and influence in world affairs.
Key goals include fostering economic growth and cooperation among member nations, creating institutions for development financing, and strengthening political coordination and dialogue on international issues.

BRICS celebrated its 15th summit by adding six new members, growing from five to eleven countries. This move aims to boost its global influence.
New members include Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina, expanding BRICS’ reach across different regions.
These countries full membership commenced on January 1, 2024.

No Unified Vision: BRICS lacks a clear and unified vision for addressing global issues, hindering coordinated action.
Bilateral Conflicts: Tensions between member countries, such as China-India border disputes and Russia’s conflicts, undermine cohesion and collaboration within BRICS.
Economic Disparities: Economic inequality among member nations, with China dominating the group economically, poses challenges to equitable decision-making and cooperation.
Trade Imbalances: Trade imbalances among member states hinder intra-BRICS trade and economic integration efforts.
Heterogeneity: Cultural, linguistic, and political diversity among member nations limit the development of common strategies and objectives.
Limited Institutional Framework: BRICS lacks robust institutional mechanisms for effective coordination and implementation of collective initiatives.

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

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(d) Neither 1 nor 2