What is BRICS?

BRICS is an acronym for five major countries in the world with emerging economies. These countries are Brazil, Russia, India, China and South Africa and the acronym has the first letter of each of the country’s names.

Formerly, the acronym was BRIC as the group comprised of only 4 countries until the induction of South Africa. BRICS is an exceptional grouping which has brought together all the major and powerful emerging economies summing up to about 41% out of the world’s population.

Members states of BRICS are known for their enormous influence in the affairs of the world. Beginning 2009, governments of BRICS meet every year at an organized summit rotationally hosted by each member country. In 2022, the 14th BRICS summit was held in China to discuss new developments.

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The BRICS group has a mechanism which is targeted at promoting peace and security whiles ensuring development and cooperation.

The group also has a purpose of contributing significantly to the management and development of humanity. BRICS is also more importantly working towards establishing a more equitable and fair world.

SOURCE: Coverghana.com.gh

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