What are the BRICS countries and who are their members?

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It is a group of the 5 most powerful emerging economies in the world (Brazil, Russia, India, China and South Africa), which has been officially operating since 2009, and last year agreed to merge 6 countries, including ours. However, the government of Javier Miley confirmed that Argentina would not enter.
Among the bloc's goals is to strengthen bilateral trade agreements between member states and finance productive projects through the New Development Bank.
Overall, BRICS represents 25.7% of global GDP; 16.1% of exports; 14.9% of world imports; 40.8% of the world's population; It occupies 29.5% of the total surface of the planet.

Last updated: 01/03/2024

BRICS leaders announced on August 24, 2023 Including Argentina into the group Along with 5 other countries (Egypt, Ethiopia, Saudi Arabia, Iran, and the United Arab Emirates). However, the Govt Javier Miley La Libertad Avanza officially announced last Friday that the country would not enter the geopolitical bloc through it I sent a message For its members (Brazil, Russia, India, China and South Africa).

new advisor, Diana MondinoConfirmed in A Interview with LN+ It is a “practical decision.” He also declared that “trade relations with member states will be maintained”, although “international alliances will be mainly with 'Western democracies'.”

In line with this goal, Mondino implemented First official flight As a negotiating advisor in Paris, France, on the possibility of including Argentina as a member of the organization Organization for Economic Co-operation and Development (OECD).

Therefore, in this note we analyze: What are the BRICS countries and what is their importance in the global economy?

What is the goal of BRICS?

BRICS is an abbreviation for Brazil, Russia, India, China and South Africathe countries that make up the bloc so far. These are 5 of the most powerful emerging economies in the world, and their name was suggested by an article in Goldman Sachs Group He warned about the potential of these countries in the future.

BRICS is an economic, trade and political association Work officially began in 2009with First summit Presidents held in Yekaterinburg (Russia). However, the foundations of the bloc began to be laid in 2006. In 2011, South Africa was admitted as a full member, thus completing the existing list of partner countries.

These countries These countries share a large population, vast territories, and large amounts of natural resources.. “A successful BRICS country as a whole is expected to have broad productive capacity (agricultural, industrial, services) consistent with its economic potential, a relatively stable economy and a not too low status on the international stage.” Holding a document Economic Commission for Latin America and the Caribbean (ECLAC).

Among the bloc's goals is to strengthen bilateral trade agreements between member states and finance productive projects through… New Development Bankcreated in 2015 by the five member states.

The weight of the BRICS group in the global economy

The economy of the five countries that currently make up the BRICS group It represents 25.7% of global GDP in 2022According to Data from the World Bank (WB).

With regard to international trade, in 2022, the bloc’s countries contributed 16.1% of total exports of goods and services and 14.9% of imports, according to European Union data. World Trade Organization.

Furthermore, the five member states together make up 40.8% of the world's population (according to… World Bank data), 29.5% Planet surface And 26.5% of agricultural land (World Bank data for 2020).

Updated 01/03/2024: The memo has been updated with the latest information available.

Original publication date: 08/24/2023