Of the Next 11, two countries, Mexico and “perhaps” South Korea, were considered to “have the capacity to become as important globally as the BRICs.”
South Africa officially became a member nation on 24 December 2010, after being formally invited by China to join and subsequently accepted by other BRIC countries. The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership.
Both OECD countries were excluded from the BRIC grouping on the basis that they were already too much farther along in their economic development than the BRICs and were not likely to attain the economic stature or global influence of the original four BRIC countries.
Furthermore, the BRICS project, argues Prashad, has no ability to challenge the primacy of the United States and NATO. The group at each summit elects one of the heads of state of the component countries to serve as President Pro Tempore of the BRICS. In 2019, the pro tempore presidency was held by the president of Brazil.
71.2. 0.741 (high) Argentina, Bangladesh, Indonesia, Mexico and Turkey have expressed strong interest in full membership of the BRICS, while Egypt, Iran, Nigeria, Sudan, Syria and most recently Pakistan and Greece have also expressed interest in joining BRICS. Bangladesh has been formally invited to join the organization in 2020.
BRICS. BRICS is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China, and South Africa. The BRICS members are known for their significant influence on regional affairs. Since 2009, the governments of the BRICS states have met annually at formal summits.
The BRICS Forum, an independent international organization encouraging commercial, political, and cultural cooperation between the BRICS nations, was formed in 2011. In June 2012, the BRICS 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 BRICS summit in Durban, South Africa, the member countries agreed to create a global financial institution intended to rival the western-dominated IMF and World Bank. After the summit, the BRICS stated that they planned to finalize the arrangements for this New Development Bank by 2014. However, disputes relating to burden sharing and location slowed down the agreements.
The group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership. In April 2011, the President of South Africa, Jacob Zuma, attended the 2011 BRICS summit in Sanya, China, as a full member.
Financial architecture. Currently, there are two components that make up the financial architecture of BRICS, namely, the New Development Bank (NDB), or sometimes referred to as the BRICS Development Bank, and the Contingent Reserve Arrangement (CRA).
Geography. The BRICS is an association formed by countries in four continents: Brazil in South America, Russia in Europe, India and China in Asia and South Africa in Africa. Its member states cover an area of over 39,000,000 square kilometers, which is approximately 27% of the world's land surface.
The BRICS have a combined area of 39,746,220 km2 (15,346,101.0 sq mi) and an estimated total population of about 3.21 billion, or about 26.656% of the world land surface and 41.53% of the world population.
China alone contributed more than half of the BRIC countries’ share and greater than 15 percent of the growth in world economic output from 2000 to 2008. The chart above on key development indicators for the BRIC countries shows the sharp contrast in GDP, merchandise exports and the UNDP’s Human Development Index ...
The BRIC countries label refers to a select group of four large, developing countries ( Brazil, Russia, India and China ). The four BRIC countries are distinguished from a host of other promising emerging markets by their demographic and economic potential to rank among the world’s largest and most influential economies in the 21st century ...
Goldman Sachs has resisted conferring BRIC status on other developing countries on the grounds that their demographics and economic characteristics do not hold the potential for them to rival the economic size or influence of the BRIC countries or today’s leading economies (e.g., U.S. and Japan).
Both OECD countries were excluded from the BRIC grouping on the basis that they were already too much farther along in their economic development than the BRICs and were not likely to attain the economic stature or global influence of the original four BRIC countries.
China invited South Africa to join the group of BRIC nations in December, 2010 and hosted the third annual BRICs Summit in April, 2011.
Indonesia. Indonesia has been one of the stronger performers of the Next 11 group of developing countries. With greater than 230 million people, Indonesia’s population is more than 4 times larger than South Africa’s population and more than 60 percent bigger than Russia’s.
The BRIC designation was first coined by Jim O’Neil of Goldman Sachs in a 2001 paper titled “The World Needs Better Economic BRICs.”. The BRIC countries have since gone on to meet and seek out opportunities for cooperation in trade, investment, infrastructure development and other arenas.