BRICS (Syllabus: GS Paper 2 – IR)

Context: Membership of the BRICS group of emerging-market nations is set to double, with Saudi Arabia, Iran, the United Arab Emirates, Ethiopia and Egypt to join its ranks on Jan. 1

BRICS

• About: It  is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa (included in 2010)
• Founded By: 2009.
• Headquarters: Shanghai.
• Members: Brazil, Russia, India, and China
• Six New Members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates- will be added to the bloc in January 2024.
• Criteria for Eligibility in BRICS: There is no formal application process as such to join BRICS, however, certain eligibility features are considered for new members. They are:

oEconomic Size, Trade Volume, Emerging Economy Status, Political Stability and Mutual Consensus.