Brics

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The idea of BRIC was first articulated in 2001 to represent the shift of economic power from the developed countries to the developing world. Today, BRIC is more than an acronym. It emerged as a formal grouping in 2006, at the first meeting of the foreign ministers of Brazil, Russia, India and China on the sidelines of United Nations General assembly in New York. At the Sanya summit in 2011, South Africa joined the grouping as a fifth member, thus bringing representation from the African continent.
There is no doubt that the BRICS grouping has evolved over the years as an important platform of consultation on various issues of economic and political importance. In the wake of the recent economic crisis, the emerging economic importance of BRICS is undeniable. Latest estimates suggest that BRICS countries excluding South Africa collectively account for around 25 per cent of world GDP; their share is expected to increase to 40 per cent by 2030. According to Goldman Sachs, the combined economies of the BRICS are expected to surpass those of the G 7 by 2035. Moreover, the five BRICS countries together account for a quarter of the world’s land mass and a little less than half of the world’s population. Intra-BRICS trade today stands at $230 billion. Thus, it appears that BRICS is emerging as a “new growth pole in the multi polar world obrder”.
In its first two summits at Yekaterinburg and Brasilia, the BRICS concentrated upon the economic agenda, with the leaders using the platform to articulate the viewpoint of the emerging economies and developing countries. In the wake of the economic crisis in the US and Europe the group insisted on reshaping the rules governing the existing international economic order and reforming the Bretton Woods institutions. However, at the Sanya summit last year, the crisis in the Arab world forced the leaders to consider political issues and strive towards building common positions.
The theme for the New Delhi summit was “BRICS...