BRICS

BRICS is an intergovernmental grouping of major emerging economies that coordinates cooperation on economic, political, and development issues. Its membership has expanded beyond its original five countries.

BRICS Summit: The BRICS Summit is the annual meeting of the grouping’s heads of state or government. Regular leaders’ meetings turned the grouping into a continuing political forum.
New Development Bank: The New Development Bank is a multilateral development bank established by BRICS members in 2015. It turns cooperation into financing for infrastructure and sustainable development.
Development finance: Development finance is public and private funding directed toward economic and social development. BRICS institutions channel part of the grouping’s cooperation toward development projects.
Group of Seven: The Group of Seven is a forum of advanced industrial democracies that coordinates on global economic and political issues. It is often contrasted with BRICS as a forum representing a different set of major powers.
South Africa: South Africa is a country at Africa’s southern tip and a member of BRICS since 2010. Its admission in 2010 added an African member and changed BRIC to BRICS.
Contingent Reserve Arrangement: The Contingent Reserve Arrangement is a BRICS financial safety net that provides liquidity support to members. It was designed to help members address short-term balance-of-payments pressures.
Infrastructure investment: Infrastructure investment funds the construction and improvement of systems such as transport, energy, and water networks. Infrastructure projects are a central focus of the New Development Bank.
Group of Twenty: The Group of Twenty is a forum of major advanced and emerging economies addressing international economic cooperation. Many BRICS members also participate in the broader G20, where their coordination meets other powers.
Jim O'Neill: Jim O’Neill is a British economist who coined the acronym BRIC in 2001. His investment term supplied the name later adopted by the countries themselves.
BRICS Pay: BRICS Pay is a proposed cross-border payment initiative intended to facilitate transactions among BRICS countries. Payment links are one proposed route to reduce friction in members’ trade.

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