BRICS The full form of BRICS is Brazil, Russia, India, Chin | Adda 247 Best Study
BRICS
The full form of BRICS is Brazil, Russia, India, China and South Africa.
Initially, it had only four countries in 2009.
South Africa joined in 2010.
It is associated with five emerging economies of the world which exert significant influence on regional affairs.
It was formed in 2009 and since then the governments of these 5 countries meet annually in a formal summit.
For the year 2020, Russia hosted the 12th BRICS summit. In 2021, India will be the host of the 13th BRICS summit.
The BRICS Bank or New Development Bank was developed by an agreement signed during the Sixth BRICS Summit in Fortaleza, Brazil (2014).
The headquarters of BRICS Bank is in Shanghai.
In 2015, KV Kamath, a veteran Indian banker was appointed as the first chairman of the bank.
