HISTORY- OBJECTIVES- FUNCTIONS OF BRICS-

ROLE AND FUNCTIONS OF BRICS

1. BRICS stands for Brazil, Russia, India, China Goldman Sachs predicted in 2001 that some leading economy of the world will emerge to give competition to western world.. BRIC is an international political organization of leading emerging economies, its Five members are all developing industrialized countries. Biggest and fastest growing emerging economies.

2. South Africa has been asked to join the BRIC group of major emerging markets. Officially admitted as a BRIC nation on December 24, 2010 South Africa stands at a unique position to influence African economic growth and investment

3. China is South Africa’s largest trading partner India wants to increase commercial ties with Africa South Africa was brought into BRIC, "not only South Africa but a larger African market of a billion people,"

4. 1-To achieve regional development 2-To remove trade barriers. Economic development. Optimum use of resources. 5-Builiding relationship.

5. The BRIC countries met for their first official summit on 16 June 2009, in Yekaterinburg, Russia. To Discuss the current global financial crisis, global development, and further strengthening of the BRICS group.

6. The Fourth BRICS Summit was hosted in New Delhi on 29 March 2012 under the theme of “BRICS Partnership for Global Stability, Security and Prosperity.” The Summit has imparted further momentum to the BRICS process of planning a joint development bank.

7. Already BRICS accounts for: 46 per cent of the World's Population, 25.9 per cent of its Total Geographic Area, 30 per-cent of Global GDP By 2050, BRICS countries expected to accounts 60% of global GDP.

8. BRICS could be larger economies than the United States and the developed economies of Europe within 40 years. China and India will become world’s dominant suppliers of manufactured goods and services Brazil and Russia will become dominant suppliers of raw materials.

9. 10 th fastest growing economies in the last centuries. Extremely rich in resources such as coffee, sugarcane, crude oil and iron etc. Focus on equitable development has resulted in significant poverty reduction. Brazil today is the most popular of the BRICs so far as foreign direct investment is concerned. 12

10. 20% of the world’s oil and gas reserves. Fall in the number of people living below the poverty line. Consumer market of over 140 million people. 68% of people comes under middle income group. Highly educated work force is available. Third largest exporter of steel and aluminium 13

11. 1.2 billion people. 2nd largest labour force. Holds second place followed by China in BRICS. Approximately 2.5 million college graduates per year. Broad knowledge economy. 14

12. Second Largest economy today. Third largest country in land size. China is the world’s largest exporter of merchandise goods. 13% of people comes under middle income group.. Holds more than $3 trillion forex reserves. The Private Sector is the main driver of growth and employment. 15

13. The South African economy is the 23rd largest in the world. Inflation is below 6.6% and falling. 25% of goods produced in South Africa are for export. Richest in terms of its mineral reserves. 16

14. BRICS nations are going to develop a joint bank within the BRICS nations for assistant them self on July 2014 (Treaty signed) July 2015 (Treaty in force)

15. And to meet the following reasons: Growing emerging markets. Climate change, food and energy security, International economic exchange. Financial assistant. Population control

16. Egypt , Argentina , Iran , Nigeria , Syria and most recently Bangladesh have expressed interest in joining BRICS to increase the share capital and become a member of the New Development Bank established by the BRICS Nations. 29

17. Strength of the BRICS nations To use resources. Market opportunities. Economic developments. Weakness of the BRICS nations 1- Population problem. 2- lack of Infrastructure. 3- Decreasing GDP growth rate.

18. Opportunities of the BRICS nations 1- To expand the market. 2- Regional development. 3-Monetry resources. Threats of the BRICS nations Financial crises. Threats from other unions .

19. BRICS doesn’t have a concrete and constructive agenda for chan g e or visi o n f or a fu t u r e w o r ld o r de r . China is the muscle of the group and the Chinese know it. They have effective veto power over any BRICS initiatives

20. BRICS nations have the potential and the resources to form a powerful economy with greater opportunity than any other nation. If the government of India takes speedy and effective measures to overcome these challenges in FDI attraction and given a few years with those developments India will definitely overtake Brazil and Russia and its increase competitiveness at par with its global competitors.