BRICS

1. BRICS is an association of five major emerging national economies i.e Brazil, Russia, India,
China and South Africa.
2. Main aim of this organization is to bring economic stability and cooperation in region and
avoid interference of other powerful countries in regional activity.
3. As of 2015, the five BRICS countries represent over 3 billion people & combined
nominal GDP of US$16.039 trillion.
4. BRICS assumes significant responsibilities for

Maintaining world peace

Accelerating economic social development

Improving global financial system

Confronting traditional and non-traditional threats

5. On 15 July 2014, the BRICS states signed the agreement on the New Development Bank and
in July 2015 marked the entry into force of the agreement. Its headquarter is in Shanghai and Mr. K.V
Kamath was appointed as president of the bank.

6. The 7th BRICS Summit was held in the Russian city of UFA on 8-9 July 2015.

7. At the end of the summit, UFA Declaration was released by the leaders that called for enhanced
co-ordinated efforts in responding to emerging challenges, ensuring peace and security promoting
development in a sustainable way among the member countries.

8. New Delhi will be hosting the 8th BRICS summit in 2016.

Benefits for India-

Being an emerging market ,it will help India in playing a greater role in global financial sphere .It
will help in improving its trade, defence, and development.