BRICS

The popular BRICS group is a combination of world’s developing economies including 5 countries, namely Brazil, Russia, India, China and the South Africa. Initially there were only 4 members, the last member South Africa has been introduced later on. This post is going to focus on the BRICS summit and its formation. The BRICS meetings were started since 2009 and then it held annually to maintain better economic facilities and to build positive global relations among the all members. All the members of the BRICS count a big part to the world’s total population in terms of the GDP. And if some surveys and reviews were believed, these 5 powerful countries expected to become world’s biggest economy, preceding the US. Also, researchers said that by 2020 the BRICS nations going to be the part of the top ten economies of the world. No doubt China is going to have the biggest hand in it.

The analysts assume that working together by these world powers would surely mutually benefit all of them and certainly creates the future perspectives and a broad ways for the development. As the china is a master in the manufacturing of the goods, while Brazil and Russia in the raw materials. The people also have some interest in the online games all around the world. India is also supposed to provide services in the future run for the improved growth of the economy. For achieving all of these, the member countries use to conduct regular meetings and the discussions about the important topics and the changes they need to follow to build up the economy at a greater pace and to settle it as a strong place in the world map. Each of the meetings has a specific issue to discuss and work upon. Like the latest 2014 summit has the agenda to produce a New Development Bank and a reserve pool amount of the US $100 billion. The headquarter of NDB supposed to be in Shanghai and it is made to represent all the member countries. It is believed to be a challenge for the IMF and the World Bank, as supposed by some of the analysts because they believe that IMF is not doing well, because of the non-implementation of the 2010 reforms. The first president of NDB will be from India and the first regional office will be operated in Johannesburg. The members are believing that this bank will work as a big stock for them.