key term - BRICS

Definition

BRICS is an acronym that refers to a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. This coalition aims to promote peace, security, and development among its members and plays a significant role in global political and economic dynamics, particularly in the context of emerging powers and their political systems.

5 Must Know Facts For Your Next Test

1. BRICS was officially formed in 2010 with the inclusion of South Africa, expanding from the initial BRIC grouping of Brazil, Russia, India, and China.
2. The BRICS nations collectively represent over 40% of the world's population and about 25% of the global GDP.
3. The group holds annual summits to discuss various political and economic issues, enhancing cooperation in areas such as trade, investment, and sustainable development.
4. BRICS is often seen as a counterbalance to Western-dominated institutions like the IMF and World Bank, advocating for a more multipolar world order.
5. In recent years, BRICS has expanded its focus to include challenges such as climate change, terrorism, and reforming international financial institutions.

Review Questions

• What are the main objectives of BRICS as a coalition of emerging economies?
  • The main objectives of BRICS include promoting peace, security, and development among its member nations while enhancing their influence on the global stage. The coalition aims to address common challenges faced by these countries through cooperation in economic growth, trade relations, and political dialogue. By working together, BRICS members seek to create a platform that fosters mutual support and collaborative solutions to pressing global issues.
• How does BRICS contribute to shifting global power dynamics away from Western-dominated institutions?
  • BRICS serves as a significant platform for its member nations to present a unified front against Western-dominated institutions such as the IMF and World Bank. By advocating for reforms in these organizations and promoting alternative frameworks for international cooperation, BRICS seeks to challenge existing power structures. This coalition emphasizes the importance of a multipolar world where emerging economies can have a stronger voice in global governance and decision-making processes.
• Evaluate the impact of BRICS on international relations and global governance in the 21st century.
  • BRICS has had a profound impact on international relations and global governance by fostering collaboration among major emerging economies and providing them with a platform to articulate their collective interests. This coalition not only enhances the visibility of its member states but also challenges traditional power dynamics dominated by Western countries. By addressing issues such as development financing, trade partnerships, and geopolitical stability, BRICS contributes to a more inclusive approach to global governance that reflects the priorities of emerging economies.

Related terms

Emerging Markets: Countries that are experiencing rapid economic growth and industrialization but are still in the developing stage compared to more advanced economies.

G20:

An international forum for governments and central bank governors from 19 countries and the European Union that discusses policy issues related to the global economy.

South-South Cooperation: A framework for collaboration among countries of the Global South aimed at sharing knowledge, skills, and resources to support development efforts.