BRICS

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Originally identified to highlight investment opportunities, the grouping evolved into an actual geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.

Some of the key events about BRICS

2006
The concept of BRIC (Brazil, Russia, India, China) was formalized at the margins of the UN General Assembly
2009
The first BRIC summit was held in Yekaterinburg, Russia
2009
Failed to reach consensus on major global economic reforms at first BRIC summit
2010
South Africa was invited to join BRIC, transforming it into BRICS
2011
Criticized for lack of concrete action on economic cooperation at BRICS summit in China
2012
The New Development Bank (NDB) was proposed at the BRICS summit in New Delhi
2013
Struggled to make progress on establishing a BRICS development bank due to disagreements
2014
The BRICS Contingent Reserve Arrangement (CRA) was established to provide financial support during balance of payments difficulties
2014
Faced challenges in coordinating response to Western sanctions against Russia over Ukraine crisis
2015
The New Development Bank officially began operations
2015
New Development Bank launch delayed due to operational and regulatory hurdles
2016
Tensions arose over India-China border disputes, affecting BRICS cooperation
2017
BRICS launched the Economic Partnership Strategy to enhance trade and investment
2017
Criticized for not taking a stronger stance against terrorism at BRICS summit in China
2018
The BRICS Partnership on New Industrial Revolution (PartNIR) was established to promote cooperation in digital economy and innovation
2018
Failed to present a united front on trade issues amid US-China trade war
2020
BRICS countries collaborated on COVID-19 vaccine research and development
2020
BRICS summit postponed due to COVID-19 pandemic, hampering collaborative efforts
2022
The expansion of BRICS membership was discussed, with several countries expressing interest in joining
2022
Divisions emerged over Russia's invasion of Ukraine, straining BRICS unity

Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.

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