Q. 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?

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: (b) 2 only

Notes:
  • In a 2001 research paper that highlighted the growth potential of Brazil, Russia, India, and China, then-Goldman Sachs chief economist Jim O’Neill introduced the acronym BRIC, which at first did not include South Africa.
  • The BRICS group, which encompasses Brazil, Russia, India, China and South Africa, represents a quarter of the world’s economy and about 40 per cent of the world’s population and has increasingly sought to be a counterweight to the dominance of Western-led forums like the Group of 7 and the World Bank.
  • The grouping was first informally formed during a meeting of the leaders of BRIC (Brazil, Russia, India, and China) countries on the sidelines of the G8 Outreach Summit in St.Petersburg, Russia, in 2006. Later that year, it was formalised during the 1st BRIC Foreign Ministers’ Meeting in New York.
    • 2009: The first BRIC (BRICS minus South Africa) summit was held in Yekaterinburg, Russia.
    • 2010: South Africa was accepted as a full member, and the group became BRICS. 
    • 2011: South Africa attended its first BRICS summit in China.
    • 2014: The Fortaleza Declaration was adopted at the 6th BRICS Summit, and it marked the establishment of the New Development Bank (NDB).
    • 2015: The Ufa Declaration of BRICS was adopted at the 7th BRICS Summit held in Ufa, Russia. It covers a range of topics, including global governance, international security, and economic cooperation.
    • 2021: The 13th BRICS Summit was held under India’s Chairship (virtual summit). It was the third time that India hosted the BRICS Summit after 2012 and 2016.
    • 2022: The Beijing Declaration was adopted at the 14th BRICS Summit, where it was declared that the BRICS countries support talks between Russia and Ukraine.
      • Also, cooperation in the fight against COVID-19, digital transformation, resilience and stability of industrial and supply chains, and low-carbon development.