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BRICS (Characteristics (Nominal GDP (2016 (3.321.1 Bn)), PPP GDP (2016 (7…
BRICS
Characteristics
Nominal GDP
2016
3.321.1 Bn
PPP GDP
2016
7,403.4 Bn
Exports
$704.582 Bn
Imports
$604.8 Bn
History
The initial four BRIC states met in New York City in September 2006
in
The General Debate of the UN General Assembly
A full-scale diplomatic meeting was held in Yekaterinburg
Russia, on 16 June 2009
Entry of South Africa
Process for its formal admission began
In August 2010
South Africa officially became a member nation
On 24 December 2010
is
The acronym for an association of five major emerging national economies
Members
South Africa
Jacob Zuma
Russia
Vladimir Putin
Brazil
President: Michel Temer
China
Xi Jinping
India
President: Pranab Mukherjee
Financial Structure
2 Components that make up the financial architecture
New Development Bank (NDB)
Is a multilateral development bank operated by the BRICS states
Contingent Reserve Arrangement (CRA)
Is a framework for providing protection against global liquidity pressures