BRICS
BRICS is an acronym used to talk about the countries of Brazil, Russia, India, China and South Africa. Many economists think that all these countries are at a similar stage of economic development. When people write about these countries, they usually write "BRICS" or the "BRICS countries".
The acronym was invented by Jim O'Neill, an economist who worked for Goldman Sachs. In 2001, O'Neill wrote an article that he called "Building Better Global Economic BRICs".[1][2][3]
Mexico and South Korea were the only other countries with economies that are like the BRICs. O'Neill did not include these countries because they were considered already more developed, as they were already members of the OECD.[4]
In August 2023, Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates were invited to join the group. Full membership of these countries will take effect on 1 January 2024.[5] They also proposed to have a “partnership model” for other countries and talked about starting a common currency. They planned to use the US dollar less.[6]
Current leaders
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Countries that have applied for membership
A total of 15 countries have formally applied to join BRICS, listed as follows:[7]
Algeria (applied in 2022) (Expected to join in next expansion)
Bahrain[8] (applied in 2023)
Bangladesh[9] (applied in 2023)
Belarus[10] (applied in 2023)
Bolivia[11] (applied in 2023)
Cuba (applied in 2023)
Honduras (applied in 2023)
Kazakhstan[12] (applied in 2023)
Kuwait[13] (applied in 2023)
Pakistan[14] (applied in 2023)
Palestine[15] (applied in 2023)
Senegal[16] (applied in 2023)
Thailand[16] (applied in 2023)
Venezuela (applied in 2023)
Vietnam (applied in 2023)
BRICS Media
Brazilian president Jair Bolsonaro and Russian president Vladimir Putin during the BRICS in Brasília, Brazil
BRICS Tower headquarters in Shanghai
New Development Bank's logo
Meeting of BRICS foreign ministers on 22 September 2022
Flag of the People's Republic of China
South African Government and Pantone Color Picker
Flag of Egypt
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References
- ↑ Kowitt, Beth (2009-06-17). For Mr. BRIC, nations meeting a milestone. CNNMoney.com. http://money.cnn.com/2009/06/17/news/economy/goldman_sachs_jim_oneill_interview.fortune/index.htm. Retrieved 2009-06-18.
- ↑ Global Economics Paper No. 99, Dreaming with BRICs Archived 2008-10-26 at the Wayback Machine and Global Economics Paper 134, How Solid Are the BRICs?
- ↑ Economist's Another BRIC in the wall 2008 article
- ↑ "How Solid are the BRICs?" (PDF). Global Economics. Archived from the original (PDF) on 2011-07-17. Retrieved 2010-09-21.
- ↑ Plessis, Carien du; Miridzhanian, Anait; Acharya, Bhargav; Miridzhanian, Anait; Acharya, Bhargav (2023-08-25). "BRICS welcomes new members in push to reshuffle world order" (in en). Reuters. https://www.reuters.com/world/brics-poised-invite-new-members-join-bloc-sources-2023-08-24/. Retrieved 2023-09-21.
- ↑ Cotterill, Joseph (2023-08-24). "Brics leaders invite 6 nations including Saudis and Iran to join bloc". Financial Times. https://www.ft.com/content/30f96f4c-e5a6-452c-a283-265c558b0cf2. Retrieved 2023-08-25.
- ↑ Prange, Astrid (27 Mar 2023). "A new world order? BRICS nations offer alternative to West – DW – 04/10/2023". dw.com. Retrieved 24 Aug 2023.
- ↑ "Five Arab states plus Iran among 19 nations ready to join BRICS". The Cradle. 30 April 2023. https://thecradle.co/article-view/24119/five-arab-states-plus-iran-among-19-nations-ready-to-join-brics.
- ↑ Devonshire-Ellis, Chris (20 June 2023). Bangladesh Formally Applies To Join BRICS. https://www.silkroadbriefing.com/news/2023/06/20/bangladesh-formally-applies-to-join-brics. Retrieved 22 June 2023.
- ↑ Belarus says it has applied to join BRICS club, RIA reports. 25 July 2023. https://www.reuters.com/world/europe/belarus-says-it-has-applied-join-brics-club-russian-ria-agency-2023-07-25/.
- ↑ Ramos, Daniel (31 July 2023). Bolivia president to attend BRICS summit in bid for new investment. https://www.reuters.com/world/americas/bolivia-president-attend-brics-summit-bid-new-investment-2023-07-31/.
- ↑ Omirgazy, Dana (5 June 2023). "Kazakhstan Seeks to Join BRICS and Enhance Trade and Economic Cooperation". Astana Times. https://astanatimes.com/2023/06/kazakhstan-seeks-to-join-brics-and-enhance-trade-and-economic-cooperation/.
- ↑ "South Africa: 8 Arab countries request to join BRICS". Middle East Monitor. 15 August 2023. https://www.middleeastmonitor.com/20230815-south-africa-8-arab-countries-request-to-join-brics/.
- ↑ "Pakistan seeks BRICS membership, despite India roadblock". Al Jazeera. 24 November 2023. https://www.aljazeera.com/news/2023/11/24/pakistan-seeks-brics-membership-despite-india-roadblock.
- ↑ Ahmed Alqarout (28 August 2023). "Is BRICS really the lifeline Palestine needs?". www.aljazeera.com.
- ↑ 16.0 16.1 Wang Yi Chairs Dialogue of Foreign Ministers between BRICS and Emerging Markets and Developing Countries. June 2023. https://www.fmprc.gov.cn/mfa_eng/wjb_663304/wjbz_663308/activities_663312/202205/t20220520_10690435.html.
Bibliography
- Elder, Miriam, and Leahy, Joe, et al., Who's who: Bric leaders take their place at the top table, Financial Times, London, September 25, 2008
- O'Neill, Jim, BRICs could point the way out of the Economic Mire, Financial Times, London, September 23, 2008, p. 28.
- Mark Kobayashi-Hillary (2008). Building a Future with BRICs: The Next Decade for Offshoring. Springer Verlag. ISBN 978-3-540-46453-2.
- Julien Vercueil (2010-09-03). Les pays émergents: Brésil-Russie-Inde-Chine... Mutations économiques et nouveaux défis. Editions Bréal. ISBN 978-2-7495-0957-0.