BRICS Full Form | Full Form of BRICS

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Brazil Russia India China and South Africa

BRICS stands for Brazil, Russia, India, China and South Africa. It's the association of 5 major emerging economies of the world; Brazil, Russia, India, China and South Africa.
The association was initially called BRIC before the inclusion of South Africa within the year 2011.
The BRICS members are known for his or her fast-growing economies and its influence on global affairs. All the five nations are members of G-20.
BRICS was formed for two major reasons which are as follows:

To become an alternate to World Bank and IMF to challenge us supremacy
To provide a self-managed organization capable of designing and executing developmental and economical plans in member countries without being dependent on any foreign organization

The term "BRIC" was coined by economist Jim O'neill, of Goldman Sachs in 2001.
He used this term in his report on the growth prospects for the economies of Brazil, Russia, India and China; the four countries which together accounted for a big share of the world's population and economy.
The first BRIC summit held in Yekaterinburg, Russia on June 16, 2009. Since 2009, the group held annual summits and therefore the member countries alternate to host the summit.
The objective of this summit is to promote the political, commercial and cultural cooperation and strengthen global economic ties among the members.
As of 2015, the population of those five nations was around 3 billion; around 42 you look after the total world population. And, the GDP of those five nations combined together was like the around 20 % of the gross world product. It's estimated that combined GDP of BRICS would be us$50 trillion by 2020.

Key objectives

To support, promote and achieve regional development
To act as a bridge between developed and developing nations
To assist the developing countries in gaining an advantage in negotiations regarding trade and climate change
To establish a platform to share information associated with education, culture and environment besides economic cooperation