As India prepares to host this year's BRICS summit, the group faces new challenges

The BRICS countries from Brazil, Russia, India, China and South Africa still amaze all the BRICS countries twenty years after their first conception. The five-strong alliance in India is preparing to host one of the BRICS summits within 12 months. At the moment, the group faces current challenges, from disputes between member states to resolving crises and alternatives caused by COVID.

 The BRICS group consisting of Brazil, Russia, India, China, and South Africa is hailed by its members as an alternative emerging country group with problems in the post-war world order, and critics as a gangster. People scattered all over the world.

 On the four continents, with the exception of China, their financial potential has not been exhausted, and the BRIC countries have not noticed.

In addition, the ties between countries such as Russia and China are much stronger than those of the group. This cohesion is increasingly being tested by tensions between members such as India and China. India, as a member of the India-Australia-Japan Strategic Four-Party Dialogue (Quad), appears to have taken the form of a major vaccination initiative and a thoughtful summit of leaders later this year.

India, Brazil, and South Africa currently have the same or even stronger strategic relationships with Western powers. This prompted Rachel Saltzman, author of “Russia, the BRIC Countries and Disruption of the Global Order,” to ask whether the BRIC countries are a bridge between East and West, or whether they position themselves as a fortress in front of them.

What are Brazil, Russia, India and China (BRIC countries)?

BRIC is an acronym for developing countries such as Brazil, Russia, India and China, which are considered to be major suppliers of industrial products, services and raw materials by 2050: China and India will become the world’s leading industrial products and services supplier.

 Brazil and Russia will also be dominant as raw material suppliers. In 2010, South Africa joined the group now known as the BRIC countries. Main achievements BRIC represents the economic group Brazil, Russia, India and China. South Africa joined the BRICS in 2010.

Economists assume that these four countries will become major suppliers of industrial products, services, and raw materials. By 2050, due to the reduction of labor and manufacturing costs.

Critics argue that countries have unlimited raw materials, and the growth model ignores the finiteness of fossil fuels, uranium, and other resources. The rise of BRIC global hegemony in 1990, the BRIC countries created 11% of the world’s gross domestic product (GDP); by 2014, this proportion had risen to nearly 30%. These figures include the 2010 peak after the fall in value during the 2008 financial crisis. Goldman Sachs’ Jim O’Neill initially predicted that countries will become the fastest-growing market.

CHARACTERISTICS OF THE BRICS:
  • Represents 3 billion people. (40% of the world population) Represents $ 20 trillion of GDP growing at a rate of 28%.
  • The first summit in 2009, in the middle of the global recession.
  • No European / American members.
  • Goldman Sachs came up with the idea of forming this group.
IMPORTANT ELEMENTS :
  1. BRIC is an abbreviation for national economic groups including Brazil, Russia, India and China.
  2. South Africa joined the BRICS in 2010.
  3. Economists assume that these four countries will become major suppliers of industrial products, services, and raw materials.
  4. Critics argue that the resources of countries are unlimited, and the growth model ignores the limited nature of fossil fuels, uranium and other critical and heavily used resources by 2050.
  5. These countries account for 11% of the world’s gross domestic product (GDP). By 2014, this proportion had risen to nearly 30%.

Also Read: BIDEN AND PUTIN TO HOLD THEIR FIRST SUMMIT IN SWISS CITY ON JUNE 16th!!!

Ritu

By Ritu

Content writer and social media intern.

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