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 # BRICS: A Growing Force in Global Economics and Politics

BRICS is an intergovernmental organization comprising eleven major emerging economies : Brazil , Russia , India , China , South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. These countries represent around 49.5% of the global population, 40% of the global GDP, and 26% of global trade ¹.


*History and Objectives*

The BRICS concept was first introduced in 2001 by British economist Jim O'Neill to designate a group of emerging markets. The first summit was held in 2009 in Yekaterinburg, Russia, where the founding countries - Brazil, Russia, India, and China - adopted the acronym BRIC. South Africa joined in 2011, and the group was renamed BRICS. The organization's primary objectives include ² ³:

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*Key Features and Initiatives*

- *New Development Bank*: A multilateral development bank focused on infrastructure projects, with authorized lending of up to $34 billion annually.

- *Contingent Reserve Arrangement*: A framework for protecting against global liquidity pressures and promoting financial stability.

- *BRICS PAY*: A payment system aimed at reducing dependence on the US dollar and promoting financial cooperation.

- *Common Currency*: Exploring the feasibility of a new common currency or similar arrangement to facilitate trade and investment ².

*Challenges and Opportunities*

While BRICS faces challenges such as intra-group disagreements and differing economic priorities, it also presents opportunities for cooperation, growth, and development. As the organization continues to evolve, it is likely to play an increasingly important role in shaping the global economic and political landscape ².

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