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Brazil, Russia, India, China and South Africa ()
is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The members are known for their significant influence on regional affairs; all are members of G20. Since 2009, the nations have met annually at formal summits. China hosted the 9th summit in Xiamen on September 2017, while South Africa will do so for the 10th summit in July 2018. The term does not include countries such as South Korea, Mexico and Turkey for which other acronyms and group associations were later created.
In 2015, the five countries represent over 3.1 billion people, or about 41% of the world Population; four out of five members (excluding South Africa at #24) are in the top 10 of the world by population. As of 2018, these five nations have a combined Nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP) and an estimated US$4.46 trillion in combined foreign reserves. Overall the are forecasted to expand 4.6% in 2016, from an estimated Growth of 3.9% in 2015. The World Bank expects growth to pick up to 5.3% in 2017. The have received both praise and criticism from numerous commentators. Bilateral relations among nations have mainly been conducted on the basis of non-interference, Equality, and mutual benefit.
The term "BRIC" was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O'Neill, in his publication Building Better Global Economic BRICs. The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN General Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.
First BRIC summit The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India and China, all attending. The summit's focus was on means of improving the global economic situation and reforming financial institutions, and discussed how the four countries could better co-operate in the future. There was further discussion of ways that developing countries, such as 3/4 of the BRIC members, could become more involved in global affairs. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be "diverse, stable and predictable". Although the statement that was released did not directly criticise the perceived "dominance" of the US dollar – something that Russia had criticised in the past – it did spark a fall in the value of the dollar against other major currencies.
Developments
The Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the nations, was formed in 2011. In June 2012, the nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, this loan was conditional on IMF voting reforms. In late March 2013, during the fifth summit in Durban, South Africa, the member countries agreed to create a global financial institution which they intended to rival the western-dominated IMF and World Bank. After the summit, the stated that they planned to finalise the arrangements for this New Development Bank by 2014. However, disputes relating to burden sharing and location slowed down the agreements.
At the leaders meeting in St Petersburg in September 2013, China committed $41 billion towards the pool; Brazil, India and Russia $18 billion each; and South Africa $5 billion. China, holder of the world's largest Foreign Exchange reserves and who is to contribute the bulk of the currency pool, wants a greater managing role, said one official. China also wants to be the location of the reserve. "Brazil and India want the initial capital to be shared equally. We know that China wants more," said a Brazilian official. "However, we are still negotiating, there are no tensions arising yet." On 11 October 2013, Russia's Finance Minister Anton Siluanov said that a decision on creating a $100 billion fund designated to steady currency markets would be taken in early 2014. The Brazilian finance minister, Guido Mantega stated that the fund would be created by March 2014. However, by April 2014, the currency reserve pool and development bank had yet to be set up, and the date was rescheduled to 2015. One driver for the development bank is that the existing institutions primarily benefit extra- corporations, and the political significance is notable because it allows member states "to promote their interests abroad… and can highlight the strengthening positions of countries whose opinion is frequently ignored by their developed American and European colleagues."
New Development Bank
The New Development Bank (NDB), formerly referred to as the Development Bank, is a multilateral development bank operated by the states. The bank's primary focus of lending will be Infrastructure-2/”>INFRASTRUCTURE projects with authorized lending of up to $34 billion annually. South Africa will be the African Headquarters of the Bank named the "New Development Bank Africa Regional Centre". The bank will have starting capital of $50 billion, with capital increased to $100 billion over time. Brazil, Russia, India, China and South Africa will initially contribute $10 billion each to bring the total to $50 billion.
CRA
The Contingent Reserve Arrangement (CRA) is a framework for providing protection against global liquidity pressures. This includes currency issues where members' national currencies are being adversely affected by global financial pressures. It is found that emerging economies that experienced rapid economic Liberalization-2/”>Liberalization went through increased economic volatility, bringing uncertain macroeconomic Environment. The CRA is generally seen as a competitor to the International Monetary Fund (IMF) and along with the New Development Bank is viewed as an example of increasing South-South cooperation. It was established in 2015 by the countries. The legal basis is formed by the Treaty for the Establishment of a Contingent Reserve Arrangement, signed at Fortaleza, Brazil on 15 July 2014. With its inaugural meetings of the CRA Governing Council and Standing Committee, held on September 4, 2015, in Ankara, Turkey it entered into force upon ratification by all states, announced at the 7th summit in July 2015.
payment system
At the 2015 summit in Russia, ministers from nations, initiated consultations for a payment system that would be an alternative to the SWIFT system. Russian Deputy Foreign Minister Sergey Ryabkov stated in an interview, "The finance ministers and executives of the central banks are negotiating … setting up payment systems and moving on to settlements in national currencies. SWIFT or not, in any case we’re talking about … a transnational multilateral payment system that would provide greater independence, would create a definite guarantee for .
The Central Bank of Russia (CBR) also started consultations with nations for a payment system that would be an alternative to the SWIFT system. The main benefits highlighted were backup and redundancy in case there were disruptions to the SWIFT system. The Deputy Governor of the Central Bank of the Russia, Olga Skorobogatova stated in an interview, "The only topic that may be of interest to all of us within is to consider and talk over the possibility of setting up a system that would apply to the countries, used as a backup."
China has also initiated development of their own payment system called CIPS that would be an alternative to the SWIFT system. The Cross-Border Inter-Bank Payments System (CIPS) is a planned alternative payments system to SWIFT which would provide a Network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
,
The BRICS countries are Brazil, Russia, India, China, and South Africa. The BRICS countries are a group of five major emerging economies that have been growing rapidly in recent years. The BRICS countries have a combined population of over 3 billion people and a combined GDP of over $18 trillion. The BRICS countries are working together to promote economic growth, development, and cooperation.
The BRICS countries have a number of sub-topics that they are working on together. These sub-topics include:
- Trade and Investment
- Finance
- Technology
- Energy
- agriculture
- Education
- Health
- Environment
- Security
- Culture
- Tourism
The BRICS countries are working together to address these sub-topics in order to promote economic growth, development, and cooperation.
Trade and investment
The BRICS countries are working to increase trade and investment between them. They have signed a number of agreements to facilitate trade, such as the BRICS Trade Agreement and the BRICS Investment Agreement. The BRICS countries are also working to promote investment in each other’s countries. They have set up a number of investment funds, such as the BRICS New Development Bank and the BRICS Contingent Reserve Arrangement.
Finance
The BRICS countries are working to improve financial cooperation between them. They have set up a number of financial institutions, such as the BRICS New Development Bank and the BRICS Contingent Reserve Arrangement. The BRICS countries are also working to promote financial stability and to reduce financial risks.
Technology
The BRICS countries are working to cooperate on technology. They have set up a number of technology initiatives, such as the BRICS Innovation PARTNERSHIP and the BRICS Technology Transfer Network. The BRICS countries are also working to promote the development of new technologies and to share technology with each other.
Energy
The BRICS countries are working to cooperate on energy. They have set up a number of energy initiatives, such as the BRICS Energy Forum and the BRICS Energy Efficiency Initiative. The BRICS countries are also working to promote the development of new energy sources and to reduce energy consumption.
Agriculture
The BRICS countries are working to cooperate on agriculture. They have set up a number of agriculture initiatives, such as the BRICS Agriculture Cooperation Framework and the BRICS Agricultural Research and Development Initiative. The BRICS countries are also working to promote Food Security and to reduce POVERTY in rural areas.
Education
The BRICS countries are working to cooperate on education. They have set up a number of education initiatives, such as the BRICS Education Cooperation Framework and the BRICS Scholarship Program. The BRICS countries are also working to promote the development of human Resources and to improve the quality of education.
Health
The BRICS countries are working to cooperate on health. They have set up a number of health initiatives, such as the BRICS Health Cooperation Framework and the BRICS Vaccine Initiative. The BRICS countries are also working to promote public health and to improve access to healthcare.
Environment
The BRICS countries are working to cooperate on the environment. They have set up a number of environmental initiatives, such as the BRICS Environmental Cooperation Framework and the BRICS Climate Change Initiative. The BRICS countries are also working to promote Sustainable Development and to reduce greenhouse gas emissions.
Security
The BRICS countries are working to cooperate on security. They have set up a number of security initiatives, such as the BRICS Counter-Terrorism Action Plan and the BRICS Security Dialogue. The BRICS countries are also working to promote peace and security in the world.
Culture
The BRICS countries are working to cooperate on culture. They have set up a number of cultural initiatives, such as the BRICS Cultural Exchange Program and the BRICS Film Festival. The BRICS countries are also working to promote cultural understanding and to preserve cultural heritage.
Tourism
The BRICS countries are working to cooperate on tourism. They have set up a number of tourism initiatives, such as the BRICS Tourism Cooperation Framework and the BRICS Tourism Promotion Program. The BRICS countries are also working to promote tourism between them and to attract more tourists from other countries.
The BRICS countries are working together to address a number of sub-topics in order to promote economic growth, development, and cooperation. These sub-topics include trade and investment, finance, technology, energy, agriculture, education, health, environment, security, culture, and tourism. The BRICS countries are working together to address these sub-topics in order to create a more prosperous and sustainable future for their people.
What is the G7?
The G7 is a group of seven major industrialized democracies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The group was founded in 1975 to discuss economic issues and coordinate economic policies.
What is the G20?
The G20 is a group of 20 major economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. The group was founded in 1999 to promote international financial stability and economic growth.
What is the EU?
The EU is a political and Economic Union of 27 member states that are located primarily in Europe. The EU was founded in 1957 with the signing of the Treaty of Rome by six countries: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. The EU has since grown to include 27 member states, and it has developed a Common Market, a common currency, and a common foreign and security policy.
What is NATO?
NATO is a military alliance of 30 countries that are located primarily in Europe and North America. NATO was founded in 1949 to provide collective security against the Soviet Union. NATO has since expanded to include 30 member states, and it has played a major role in the security of Europe and North America.
What is the UN?
The UN is an international organization that was founded in 1945 after the Second World War. The UN’s mission is to maintain international peace and security, develop friendly relations among nations, and promote social progress, better living standards, and Human Rights. The UN has 193 member states, and it is headquartered in New York City.
What is the WTO?
The WTO is an international organization that was founded in 1995. The WTO’s mission is to help governments negotiate trade agreements, settle trade disputes, and promote trade liberalization. The WTO has 164 member states, and it is headquartered in Geneva, Switzerland.
What is the IMF?
The IMF is an international organization that was founded in 1945. The IMF’s mission is to promote international monetary cooperation, facilitate international trade, promote high EMPLOYMENT and sustainable economic growth, and reduce poverty around the world. The IMF has 190 member states, and it is headquartered in Washington, D.C.
What is the World Bank?
The World Bank is a group of five international organizations that make loans to developing countries. The World Bank’s mission is to fight poverty and improve living standards for people in the developing world. The World Bank has 189 member states, and it is headquartered in Washington, D.C.
Sure, here are some MCQs on the following topics without mentioning the topic BRICS:
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Geography
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Which of the following is the largest country in the world by area?
(A) Russia
(B) China
(C) Canada
(D) United States -
Which of the following is the most populous country in the world?
(A) China
(B) India
(C) United States
(D) Indonesia -
Which of the following is the longest river in the world?
(A) Nile River
(B) Amazon River
(C) Yangtze River
(D) Mississippi River -
History
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Which of the following is the first country to land a man on the moon?
(A) United States
(B) Russia
(C) China
(D) Japan -
Which of the following is the most famous painting in the world?
(A) Mona Lisa
(B) The Starry Night
(C) The Scream
(D) Guernica -
Which of the following is the most famous novel in the world?
(A) The Lord of the Rings
(B) The Catcher in the Rye
(C) Don Quixote
(D) War and Peace -
Science
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Which of the following is the fastest speed of Light in a vacuum?
(A) 299,792,458 meters per second
(B) 300,000 kilometers per second
(C) 186,282 miles per second
(D) 1,079,252,848 kilometers per hour -
Which of the following is the most abundant element in the universe?
(A) Hydrogen
(B) Helium
(C) Oxygen
(D) Carbon -
Which of the following is the most abundant element in the Earth’s crust?
(A) Oxygen
(B) Silicon
(C) Aluminum
(D) Iron -
Mathematics
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Which of the following is the square root of 2?
(A) 1.4142135623730950488016887242097
(B) 1.4142135623730950488016887242097
(C) 1.4142135623730950488016887242097
(D) 1.4142135623730950488016887242097 -
Which of the following is the sum of the first 100 natural numbers?
(A) 5050
(B) 5051
(C) 5052
(D) 5053 -
Which of the following is the area of a circle with a radius of 5 cm?
(A) 78.54 square centimeters
(B) 224.54 square centimeters
(C) 314.16 square centimeters
(D) 441.89 square centimeters -
Language
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Which of the following is the most spoken language in the world?
(A) Mandarin Chinese
(B) Spanish
(C) English
(D) Hindi -
Which of the following is the most common language in the United States?
(A) English
(B) Spanish
(C) Chinese
(D) French -
Which of the following is the most common language in Europe?
(A) German
(B) French
(C) English
(D) Spanish
I hope you find these MCQs helpful and interesting!