About the BRICS

At the end of 2001, a Goldman Sachs study caused great impact by saying that Brazil, China, India and Russia – a group then called BRIC – could be among the world’s most important economies by 2050. Just two years later, a new study would claim that in 40 years, all four economies could outpace the G6 economy. Since then, the ongoing has seemed to confirm, if not exceed, the forecasts for 2001.

On June 16, 2009, the leaders of the BRIC countries held their first meeting in Yekaterinburg, Russia. At the end of the meeting, they issued a declaration calling for the establishment of a multipolar world order and for the reform of the global financial system. Since then, the group has taken steps to increase its political cooperation by holding annual summits, as well as many meetings at the subnational level, such as meetings between development banks, statistical institutes and ministries of health.

During the second summit, held in Brasilia from 15 to 16 April 2010, the group suggested a new voting system at the World Bank, as well as a reform of the International Monetary Fund (IMF) and a series of cooperation agreements in order to facilitate the financing of projects among members. The development banks of each of the BRIC countries committed themselves to collaborate in the creation of new ways to encourage the granting of credit among them. In 2011, with the admission of South Africa as a full member, the group was renamed BRICS.

At the third summit in Sanya, China, on April 14, 2011, the group resumed discussions on the reform of the international monetary system, assuring the common interest in making the G20 the main management mechanism of the world economy. The leaders of the five countries also discussed economic, financial and trade issues, development strategies, the international situation, climate change and technical cooperation in areas such as energy, agriculture and statistics. The BRICS also issued a document criticizing the military operations launched in Libya, defending the aim for dialogue to resolve impasses and controversies.

Although the five countries have considerable similarities, such as a large territorial extension, an expressive population and a recent history of sometimes dramatic socioeconomic transformations, there are, on the other hand, enormous differences among them, such as: the stage of technological development; the share, whether by volume or type of product, in international trade; how they deal with their vast biodiversity; the questions around democracy and military power.

These differences suggest that it is necessary, in order to make jointed action possible, to deepen the knowledge and analysis about the BRICS and identify possible alternatives for development, as well as to find areas of common interest that can be enhanced through the coordination of their actions.

The need to develop research and analysis that contribute to understanding the scope and relevance of BRICS countries in world politics encouraged the creation of the BRICS Policy Center, a space not only for the development of knowledge, but also for the formation of institutional networks for research and development of common work schedules.

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