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BRICS
Why is it in news?
- China has proposed the creation of ‘BRICS innovation base’ to take forward 5G and Artificial Intelligence (AI) cooperation among the five countries, as BRICS industry ministers met virtually on Monday.
- This comes in the back drop of when India is considering China from 5G trails.
About BRICS:
- BRICS is the group composed by the five major emerging countries - Brazil, Russia, India, China and South Africa -, which together represent about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
- The acronym BRIC was coined by Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century.
- In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government. In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.
- At the Fortaleza Summit (2014), in Brazil, important institutions were created: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).