Full Form of BRICS:
Brazil, Russia, India, China and South Africa
BRICS Full Form is Brazil, Russia, India, China and South Africa. BRICS is essentially an acronym used to refer to an association of five main emerging national economies of the world, namely: Brazil, Russia, India, China, and South Africa. The group was originally called BRIC before the much-controversial inclusion of South Africa in the year 2010. The significance of the association is that it represents all major newly industrialized or developing nations, as against the most developed economies of the world, which are represented as G-20 members. Despite each BRICS nation being an emerging economy, recent trends have reflected significant slowdown barring South Africa that has shown some growth.
As of the year 2015, the five members of the group represent approximately 3 billion people or roughly 42 percent of the total world population. What more, each member of the group is part of the top 25 nations of the world in terms of population and four of them are in the top 10 list. The five nations have nominal Gross Domestic Product (abbreviated as GDP) in a total of about US$ 16.039 trillion, which is equivalent to about 20 percent of the Gross World product. The BRICS have garnered both applauds and criticism from international commentators. The relationships among BRICS nations are overseen on the principles of equality, mutual benefit, and non-interference.
The BRICS’ operates its financial structure with the help of two major components, which became active only in the year 2015, namely: New Development Bank (abbreviated as NDB) and BRICS Contingent Reserve Arrangement. By virtue of these two arrangements, which were signed into a treaty in the year 2014 the nations are required to contribute a specified amount to the depository of the group so as to ensure its workability. BRICS is a powerful representative in the world, accentuating the demands of the emerging economies in a more effective and systematic manner.