Hayat Ashraf

BRICS is an acronym that represents an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The term was coined in 2001 by Goldman Sachs economist Jim O'Neill to describe the collective economic potential of these countries. BRICS countries are characterized by their large populations, substantial land areas, and significant contributions to global economic growth. The primary objectives of BRICS are to enhance cooperation among member countries, promote economic development, strengthen political ties, and influence global governance. The grouping represents around 42% of the world's population, 23% of global GDP, and accounts for a considerable share of global trade and investment. BRICS holds annual summits where leaders from each member country discuss various issues of mutual interest, such as trade, finance, technology, and sustainable development. In addition to the summits, ministerial meetings and working groups focus on...