3. People's Republic of China
President:XiJinping
Premier: Li Keqiang
Republic of South Africa
President:Jacob Zuma
Federative Republic of Brazil
President: Dilma Rousseff
Russian Federation
President:Vladimir Putin
Prime Minister: Dmitry
Medvedev
Republic of India
President: Pranab Mukherjee
Prime Minister: Manmohan
Singh
BRICS Nations
4. Brazil: Guido Mantega
Russia: Anton Siluanov
India: Palaniappan Chidambaram
China: Xie Xuren
South Africa: Pravin Gordhan
Finance Ministers
5. Brazil: Alexandre Tombini
Russia: Sergey Ignatyev
India: Duvvuri Subbarao
China: Zhou Xiaochuan
South Africa: Gill Marcus
Central Bank Governors
6. Total : $22,546 billion (2012 estimate)
China: $12,382 billion
India: $4,710 billion
Russia: $2,511 billion
Brazil: $2,365 billion
South Africa: $578 billion
GDP (PPP) in US dollars
7. Total : $14,964 billion (2012 estimate)
China: $8,250 billion
Brazil: $2,425 billion
Russia: $1,953 billion
India: $1,946 billion
South Africa: $390 billion
GDP (nominal) in US dollars
8. Total : 39,739,375 km2 (2010 estimate)
Russia: 17,075,400 km2
China: 9,640,821 km2
Brazil: 8,514,877 km2
India: 3,287,240 km2
South Africa: 1,221,037 km2
Area
9. Total : 2,966,638,000 (2012 estimate)
China: 1,353,821,000
India: 1,223,170,000
Brazil: 196,526,000
Russia: 141,924,000
South Africa: 51,197,000
Population
10. BRICS, originally "BRIC" before the inclusion of South Africa in 2010
It is the title of an association of emerging national economies:
Brazil, Russia, India, China and South Africa.
With the possible exception of Russia, the BRICS members are all
developing or newly industrialised countries
But they are distinguished by their large, fast-growing economies and
significant influence on regional and global affairs.
As of 2013, the five BRICS countries represent almost 3 billion
people, with a combined nominal GDP of US$14.9 trillion
And an estimated US$4 trillion in combined foreign reserves.
Presently, South Africa holds the chair of the BRICS group.
Introduction
11. In 2012, Hu Jintao, who at the time was President of China, described the
BRICS countries as defenders and promoters of developing countries and a
force for world peace.
However, some analysts have highlighted potential divisions and
weaknesses in the grouping, such as India and China's disagreements over
territorial issues, slowing economic growth rates, and disputes between the
members over UN Security Council reform.
Continued…
12. The foreign ministers of the initial four BRIC states
(Brazil, Russia, India, and China) met in New York City in September
2006, beginning a series of high-level meetings.
A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on
May 16, 2008.
History
13. • The BRIC grouping's first formal summit commenced in Yekaterinburg on June
16, 2009,
• With Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu
Jintao, the respective leaders of Brazil, Russia, India and China, all attending.
• The summit's focus was on means of improving the global economic situation and
reforming financial institutions, and discussed how the four countries could better
co-operate in the future.
• There was further discussion of ways that developing countries, such as the BRIC
members, could become more involved in global affairs.
• In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need
for a new global reserve currency, which would have to be 'diversified, stable and
predictable'.
• Although the statement that was released did not directly criticise the perceived
'dominance' of the US dollar – something that Russia had criticised in the past – it
did spark a fall in the value of the dollar against other major currencies.
1st BRIC Summit
14. • The 2010 BRIC summit took place in Brasilia, Brazil on April 16, 2010.
• The acronym BRIC (for Brazil, Russia, India, China) was first used in a
Goldman Sachs thesis projecting the economic potential of
Brazil, Russia, India and China.
• Previously, the 1st BRIC summit took place in Yekaterinburg, Russia in
2009 and discussed global issues. This year's summit follows the
Washington Nuclear summit hosted by U.S. President Barack Obama which
was attended by all four BRIC states.
• Between 2003 and 2007, BRIC countries carried 65% of the expansion of
global GDP.
• In 2009, the combined PPP GDP of the BRIC countries was US$16.3
trillion, or 23.4% of global total.
• From 2003 to 2008, Brazil trade with the other BRIC countries increased by
382%, or US$10.7 billion to US$51.7 billion
2nd BRIC Summit
15. In 2010, South Africa began efforts to join the BRIC grouping, and the
process for its formal admission began in August of that year.
South Africa officially became a member nation on December
24, 2010, after being formally invited by the BRIC countries to join the
group.
The group was renamed BRICS – with the "S" standing for South Africa –
to reflect the group's expanded membership.
In April 2011, the President of South Africa, Jacob Zuma, attended the 2011
BRICS summit in Sanya, China, as a full member.
Entry of South Africa
16. • The 2011 BRICS summit took place in Sanya on the island of
Hainan, China, on 14 April 2011.
• The meeting took place between the five heads of state/heads of
government from the BRICS states following bilateral meetings in the prior
days.
• Background
• Following a meeting in Brasilia in 2010, to which South Africa was invited as a
guest, the group invited South Africa to join as a full member in 2011 and the group
formerly called BRIC officially became BRICS.
• Theme and Vision
• The Chinese president chaired the BRICS Leaders Meeting in southern China's resort
city of Sanya, and gave a speech under the theme of "Broad Vision, Shared
Prosperity." The theme was based under the vision as 'The 21st century should be
marked by peace, harmony, cooperation and scientific development.'
3rd BRICS Summit
17. • An international relations conference attended by the heads of state or heads
of government of the five member states Brazil, Russia, India, China and
South Africa.
• The summit was held at at Taj Mahal Hotel in New Delhi, India on 29
March 2012.
• This is the first time that India has hosted a BRICS summit.
• The theme of the summit was "BRICS Partnership for Global
Stability, Security and Prosperity".
4th BRICS Summit
18. • An international relations conference attended by the head of states or heads
of government of the five member states Brazil, Russia, India, China and
South Africa.
• The summit was held in Durban, South Africa in 2013.
• This completed the first cycle of BRICS summits.
• The summit commenced on 26-27 March, 2013.
• Amongst the important issues being discussed was the creation of the
development bank.
• In follow up from the previous summit. It sought to create an infrastructure-
focused bank.
• The disputes over the bank were in regards to what it would do and how it
would provide an equitable return on the initial investment of about
US$10bn.
5th BRICS Summit
19. The BRICS Forum, an independent international organisation encouraging
commercial, political and cultural cooperation between the BRICS
nations, was formed in 2011.
In June 2012, the BRICS nations pledged $75 billion to boost the lending
power of the International Monetary Fund (IMF).
However, this loan was conditional on IMF voting reforms.
In late March 2013, during the fifth BRICS summit in Durban, South
Africa, the member countries agreed to create a global financial institution
which would rival the western-dominated IMF.
Developments
20. The grouping has held annual summits since 2009, with member countries
taking turns to host.
Prior to South Africa's admission, two BRIC summits were held, in 2009
and 2010.
The first five-member BRICS summit was held in 2011.
The most recent BRICS summit took place in Durban, South Africa, in
March 2013.
Summits
21. Summit Participants Date
Host
country
Host leader Location
1st BRIC June 16, 2009 Russia Dmitry
Medvedev
Yekaterinburg
2nd BRIC April 16, 2010 Brazil Luiz Inácio
Lula da Silva
Brasília
3rd BRICS April 14, 2011 China Hu Jintao Sanya
4th BRICS March 29, 2012 India Manmohan
Singh
New Delhi
5th BRICS March 26–27,
2013
South Africa Jacob Zuma Durban
6th BRICS 2014 Brazil Dilma
Rousseff
TBA
22.
23. Member Countries
Country Population
GDP
(nominal)
HFCE
Government
spending
Exports Imports
GDP per
capita
(PPP)
Literacy
rate
Life
expectancy
(years, avg.)
HDI
Brazil 193,946,886 $2,425.0 bn $1,266.3 bn $846.6 bn $256.0 bn $238.8 bn $12,000 88.6% 72.2 .730 (high)
China 1,354,040,000 $8,250.2 bn $1,835.3 bn $2,031.0 bn $2,021.0 bn $1,780.0 bn $9,100 92.2% 72.7
.699
(medium)
India 1,210,193,422 $1,946.8 bn $737.9 bn $281.0 bn $309.1 bn $500.3 bn $3,900 83.0% 64.2
.554
(medium)
Russia 143,369,806 $1,953.6 bn $671.6 bn $414.0 bn $542.5 bn $358.1 bn $17,700 99.6% 67.7 .788 (high)
South
Africa
51,770,560 $390.9 bn $173.8 bn $95.27 bn $101.2 bn $106.8 bn $11,300 86.4% 51.2
.629
(medium)
