{"id":26937,"date":"2025-07-13T16:38:47","date_gmt":"2025-07-13T11:08:47","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=26937"},"modified":"2025-07-13T17:38:26","modified_gmt":"2025-07-13T12:08:26","slug":"brics-grouping","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/brics-grouping\/","title":{"rendered":"BRICS Grouping"},"content":{"rendered":"<h2><b>BRICS Grouping Latest News<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">U.S. President Donald Trump\u2019s threat to impose 10% tariffs on members of the BRICS grouping that held a summit in Rio de Janeiro recently is the latest in a series of similar threats.<\/span><\/p>\n<h2><b>About BRICS Grouping<\/b><\/h2>\n<ul>\n<li style=\"text-align: justify;\"><b>BRICS <\/b><span style=\"font-weight: 400;\">is an <\/span><b>acronym for Brazil, Russia, India, China, and South Africa,<\/b><span style=\"font-weight: 400;\"> a bloc of countries that formed a partnership following the creation of an <\/span><span style=\"font-weight: 400;\">acronym \u2018BRIC\u2019 in 2001 by Goldman Sachs economist Jim O\u2019Neill (but it didn\u2019t include South Africa at the time).<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Representatives of the <\/span><b>BRIC countries first began meeting<\/b><span style=\"font-weight: 400;\"> informally during the <\/span><b>2006 <\/b><span style=\"font-weight: 400;\">meeting of the United Nations General Assembly.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>South Africa joined in 2010, making it \u201cBRICS\u201d.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The objectives of BRICS include strengthening economic, political, and social cooperation among its members, as well as increasing the influence of Global South countries in international governance.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The group seeks to <\/span><b>improve the legitimacy, equity <\/b><span style=\"font-weight: 400;\">in participation, and <\/span><b>efficiency of global institutions <\/b><span style=\"font-weight: 400;\">such as the UN, IMF, World Bank, and WTO. Moreover, it aims to bolster sustainable <\/span><b>social and economic development<\/b><span style=\"font-weight: 400;\"> and promote <\/span><b>social inclusion.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">BRICS<\/span><b> work is based on action plans approved during annual summits <\/b><span style=\"font-weight: 400;\">since 2010.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>BRICS Grouping New Members: Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The expanded group has a combined population of about 3.5 billion, or <\/span><b>45% of the world\u2019s inhabitants.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Combined, members\u2019 economies are worth more than $28.5tn \u2013 about 28% of the global economy.<\/span><\/li>\n<\/ul>\n<h2><b>New Development Bank (NDB)<\/b><\/h2>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">NDB is a <\/span><b>multilateral development bank established by BRICS<\/b><span style=\"font-weight: 400;\"> with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Agreement was signed during the BRICS Summit held in Fortaleza in 2014, and the Bank s<\/span><b>tarted operations in 2015.<\/b><\/li>\n<li style=\"text-align: justify;\"><b>Headquarters: Shanghai, China<\/b><span style=\"font-weight: 400;\">, with regional offices in South Africa and Brazil.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The <\/span><b>membership <\/b><span style=\"font-weight: 400;\">is <\/span><b>open to members of the United Nations.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The<\/span><b> voting power <\/b><span style=\"font-weight: 400;\">of each member <\/span><b>shall equal its subscribed shares in the capital.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">However, the <\/span><b>share of the BRICS nations can never be less than 55% of the voting power. <\/b><span style=\"font-weight: 400;\">Also, <\/span><b>none of the countries<\/b><span style=\"font-weight: 400;\"> will <\/span><b>have veto power.<\/b><\/li>\n<\/ul>\n<p><b>Source<\/b><span style=\"font-weight: 400;\">: <\/span><a href=\"https:\/\/www.thehindu.com\/news\/international\/why-is-trump-taking-aim-at-brics\/article69805150.ece\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">TH<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BRICS is a bloc of Brazil, Russia, India, China &#038; South Africa aiming to boost cooperation and amplify Global South&#8217;s role in global governance.<\/p>\n","protected":false},"author":5,"featured_media":26938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1515,21,22,23],"class_list":{"0":"post-26937","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-brics-grouping","9":"tag-prelims-pointers","10":"tag-upsc-current-affairs","11":"tag-upsc-prelims-current-affairs","12":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/26937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=26937"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/26937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/26938"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=26937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=26937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=26937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}