Over the last 10 years, the BRICS nations have worked toward finding mutual areas of interest, from trade to science and technology.
Their leaders have hailed it as a golden decade. They say they are ready to start a new era of cooperation.
CGTN’s Gerald Tan reports
Brazil, Russia, India, China and South Africa – together they form what’s known as the BRICS nations.
The acronym was originally coined at the start of the new millennium. It referenced the four emerging markets demonstrating rapid growth and vast economic potential.
When South Africa joined in 2010, the ‘S’ was added to the grouping. Today, the alliance is proving more resilient than ever.
The five BRICS countries cover more than 42% of the global population, spread out over a large geographic area. China and India, the world’s most populous nations, have more than 1.3 billion people each.
And these are some of the strongest drivers accounting for 23% of the global economy.
World Bank figures show China eclipses the others with a GDP topping $13 trillion. India’s GDP is more than $2.7 trillion, while Brazil and Russia are both reaching $2 trillion apiece.
This year marks 10 years of BRICS co-operation. Although there is no common political or security charter or funds to finance its activities, the countries are making more concerted efforts to enhance partnerships in a variety of areas, from global governance to trade.