What is BRICS?

The abbreviation BRICS refers to the world’s major emerging market economies: Brazil, Russia, India, China, and South Africa. It has had a good impact on the world system, with China being the second-largest economy in 2010, India the tenth-largest, Brazil the sixth-largest, Russia the ninth-largest, and South Africa the 26th-largest. Furthermore, BRICS trade and investment with low-income nations provided a vital support system after the global financial crisis.Fifth BRICS Summit – general background

What is BRICS purpose?

BRIC countries contribute 11% of global GDP and have since increased to 30%. According to Goldman Sachs economist Jim O’Neill, these will be the fastest expanding market economies in 2001. BRICS leaders regularly attend summits together and frequently cooperate with one another’s interests. Because of cheaper labor and production costs, these economies may be wealthier than most major economic powers by 2050. Furthermore, the BRICS countries are viewed as having potential for overseas expansion or foreign direct investment (FDI) by other countries. Goldman Sachs established a BRIC-focused investment fund. However, it was merged with a broader emerging markets fund in 2015 due to a decline in the BRIC economy growth prospects for the economies.Brazil, Russia, India and China (BRIC) Definition in Investing

The effects of Mexico’s interest in BRICS

Mexico has indicated an interest in joining the BRICS (Brazil, Russia, India, China, and South Africa) group of emerging countries. The action comes as tensions between the government and its northern neighbor, the United States, rise over immigration, border security, commerce, and human rights. Mexico sees the BRICS as a new platform for diversifying its foreign contacts and expanding its global influence. However, Mexico’s ambition to join the BRICS confronts hurdles and uncertainties, such as the fact that no criteria or mechanism for admitting new members has been explicitly stated.Mexico Plans to Join BRICS Amid Growing Tensions with US