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BRICS

BRICS is an intergovernmental organization.

BRICS is a geopolitical bloc comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Established in 2009, they hold annual summits and coordinate policies. With about 30% of the world's land and 45% of the population, BRICS members are among the largest countries by GDP. They are known for initiatives like the New Development Bank and are seen as a rival to the G7 bloc.

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Timeline

BRICS Formation

BRICS is an acronym for the combined economies of Brazil, Russia, India, China, and South Africa, which were predicted to dominate the world economy by 2050.

BRICS Formation

The BRICS is an acronym for the group of emerging market countries including Brazil, Russia, India, China, and later South Africa. The BRICS ETF provides investors with exposure to these countries' economies and stock markets.

Publication of 'Dreaming with BRICs: The Path to 2050' report

In 2003, O'Neill's Goldman colleagues Dominic Wilson and Roopa Purushothaman published the report 'Dreaming with BRICs: The Path to 2050.' The report projected that by 2050, the BRIC cluster could surpass the G6 in size, leading to a significant shift in the world's largest economies.

First BRICS Ministerial Meeting

The first BRICS Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York. Foreign ministers of Russia, Brazil and China and the Indian Defence Minister took part in the meeting.

First step for BRIC to begin working collectively

At the Meeting of Foreign Ministers, of the four countries, organized on the sidelines of the 61st General Assembly of the United Nations on September 23rd, 2006, a first step for Brazil, Russia, India and China to begin working collectively was taken.

Publication of 'BRICs and Beyond' report by Goldman

Goldman published a report titled 'BRICs and Beyond' in 2007, which focused on the growth potential of BRIC nations, the environmental impact of their economies, and the sustainability of their rise. The report also introduced the concept of Next 11, which refers to 11 emerging economies, and discussed the ascendancy of new global markets.

Meeting of BRICS Foreign Ministers in Yekaterinburg

Yekaterinburg hosted Meeting of BRICS Foreign Ministers on the initiative of Russia. After the meeting, a Joint Communique was issued, reflecting common stances on topical global development issues.

Meeting of Russian President Dmitry Medvedev with BRICS Leaders

Russian President Dmitry Medvedev met with Brazilian President Luiz Inacio Lula da Silva, Indian Prime Minister Manmohan Singh and Chinese President Hu Jintao on the margins of the G8 Summit in Toyako, Japan, on the Russian initiative.

1st BRICS Summit

The first BRICS Summit took place on June 16, 2009 in Russia.

2nd BRICS Summit

The second BRICS Summit was held on April 15, 2010 in Brazil.

South Africa Joins BRIC, Becoming BRICS

South Africa officially became a member of the BRIC grouping on 24 December 2010, leading to the renaming of the group to BRICS, with the 'S' representing South Africa.

3rd BRICS Summit

On April 14, 2011, the third BRICS Summit took place in China.

4th BRICS Summit

The fourth BRICS Summit was hosted by India on March 29, 2012.

Fifth Summit in Durban, South Africa

The Fifth Summit held in Durban, South Africa, on March 27th, 2013, further strengthened the cooperation and dialogue among the BRICS members.

Isobel Coleman's Analysis of BRICS Members

On 9 April 2013, Isobel Coleman, director of the Civil Society, Markets, and Democracy Program at the American think tank Council on Foreign Relations, claimed that the BRICS members share a lack of consensus. They uphold drastically different political systems, from a vibrant democracy in Brazil to entrenched oligarchy in Russia, and their economies are little integrated and are different in size by orders of magnitude.

New Development Bank Establishment

The New Development Bank (NDB) was established by the BRICS member countries on July 15, 2014, to finance infrastructure and sustainable development projects in emerging economies.

Second Meeting involving South American heads of state and government

Brasilia hosted the second meeting involving South American heads of state and government, which made it possible to find important points of contact between BRICS and new leading centres of power that are emerging worldwide.

Ufa Declaration and Ufa Plan of Actions

During the VII Summit, BRICS leaders signed Ufa Declaration, Ufa Plan of Actions and Strategy for BRICS Economic Partnership that confirmed the strategic character of BRICS countries partnership and determined the directions of five countries long-term cooperation.

Eighth summit of BRICS in Goa

The eighth summit of BRICS, which was held in the Indian state of Goa, discussed various issues related to the development of the Association and critical issues. The leaders of five countries signed the Declaration of Goa, which expressed a coherent position on these issues.

Ninth BRICS Summit

National leaders gathered in Xiamen, China for the Ninth BRICS Summit. The interaction between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi was closely watched due to the recent standoff between their troops in the Himalayas.

The Xiamen summit is a significant gathering of the BRICS countries. During this summit, the Chinese hosts declined to put terrorism emanating from Pakistan on the agenda, indicating the complex dynamics within the BRICS alliance.

Goldman Sachs statement on BRICS fund

Goldman Sachs stated in a filing with the Securities and Exchange Commission (SEC) that it did not expect significant asset growth in the foreseeable future in the BRICS fund.

The BRICS 2018 summit held in South Africa was a crucial meeting where the member countries discussed key issues related to economic cooperation and global influence.

Cooperation in Information and Communication Technology Sector

In August 2019, the communications ministers of the BRICS countries signed a letter of intent to cooperate in the Information and Communication Technology sector.

BRICS 2020 Summit in Russian Federation

The BRICS 2020 Summit was held in the Russian Federation, where member countries discussed various economic and political issues. The summit aimed to strengthen cooperation and partnership among Brazil, Russia, India, China, and South Africa.

13th BRICS Summit

During the 13th BRICS summit in 2021, Indian Prime Minister Narendra Modi called for a transparent investigation into the origins of COVID-19 under the World Health Organization, with the full cooperation of all countries. Chinese leader Xi Jinping then called on BRICS countries to oppose the politicisation of the process.

14th BRICS Summit

China successfully held the 14th BRICS Summit on June 23, 2022, under the theme of 'Foster High-quality BRICS Partnership, Usher in a New Era for Global Development'.

South Africa Assumes BRICS Chairship

South Africa takes over the rotational chairship of BRICS from 1 January to 31 December 2023, aiming to address rising unemployment and socio-economic challenges.

Argentina's Withdrawal from BRICS Membership Application

On 30 November 2023, incoming Foreign Minister of Argentina Diana Mondino confirmed that Argentina would not join the BRICS, following a change in president and commitment to withdraw the country's membership application.

Argentina's Official Withdrawal Announcement

On 29 December 2023, the Government of Argentina sent a letter to all BRICS leaders to officially announce its withdrawal from the application process.

Argentina Declines BRICS Membership

On 30 December 2023, the new government of Argentina officially declined the offer to join BRICS due to differences in foreign policy.

New Members Join BRICS

On 1 January 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially joined BRICS.

Xiamen summit outcome

The outcome of the Xiamen summit will determine the unity and effectiveness of BRICS as an institution in creating alternatives to Western-led international financial institutions and addressing serious problems among its members.

End of the Timeline
BRICS

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