Consider the following statements regarding BRICS:

Solution

BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa. In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China. The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS. The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade. The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S. India was the chair for 2021. During the Sixth BRICS Summit in Fortaleza (Brazil) in 2014, the leaders signed the Agreement establishing the New Development Bank (NDB - Shanghai, China). They also signed the BRICS Contingent Reserve Arrangement to provide short-term liquidity support to the members.