Regional Economic Integration

• Agreement between group of countries within a geographic region.

• To reduce and ultimately remove the tarrif and non-tarrif barriers.
• To facilitate the free flow of goods, services and factors of production
between each other.
About BRICS
• BRICS stands for Brazil, Russia, India, China and South Africa
• Jim O’ Neil, chairman of Goldman Sachs Asset Management, coined
the BRIC concept in 2001.
• BRICS is the international political organization of leading emerging
economies.
• With the entrance of South Africa at the 3rd BRIC’s Summit in April
2011, the BRIC became BRICS, with capital S.
About BRICS Forum
• The BRICS Forum was formed in 2011.
• It is an independent international organization that works for a
structured, social, economic and environmentally sustainable BRICS
block.
• The Forum offers a platform for members of the BRICS Business
Community to discuss and deliberate on key economic cooperation
areas and make recommendations on intra-BRICS trade and industry
issues.
Brazil
• 10th fastest growing economies in the last centuries.
• Extremely rich in resources such as coffee, sugarcane, crude oil and
iron etc.
• Focus on equitable development has resulted in significant Poverty
reduction.
• Textiles, chemicals, iron ore,steel, and motor
• vehicles industries.
• Brazil today is the most popular of the BRICs so far as foreign direct
investment is concerned.
Russia
• Russia has capability in high-technology sectors.
• Accounts for around 20% of the world’s oil and gas reserves.
• Fall in the number of people living below the poverty line.
• Consumer markrt of over 140 million people.
• 68% of people comes under middle income group.
• Highly educated workforce.
• Third largest expoter of steel and aluminum.
India
• 1.2 billion people
• 2nd largest labour force
• Holds second place followed by China in BRICS
• Democratic country
• Broad knowledge economy.
China
• 18th fastest growing econoy.
• Third largest country in land size.
• Biggest of all BRIC Nations GDP wise.
• 13% of people come under middle income group.
• Holds more than $3 trillion forex reserves.
• Largest exporter/importer for 32 and 34 countries respectively.
• Cheap labour work force.
 South Africa
• South African economy is now 23rd largest in the world.
• Inflation is below 6.6% and falling.
• 25% of goods produced in South Africa are reserved for export.
• Richest in terms of mineral resources.
Potential Members
• Indonesia, Turkey, Mexico and Germany have been mentioned as
candidates for full membership of the BRICS, while
• Egypt, Argentina, Iran, Nigeria, Syria and most recently Bangladesh
have expressed interest in joining BRICS.
Some of the recent news Headlines
• India is the year’s chair of BRICS 13th summit which is held virtually.
• BRICS leaders focus on Afghan situation and Afghan based terror
infrastructure.
• Let’s make BRICS even more result oriented, says Prime Minister Modi
• Covid Action plan is a lart of agenda.
Few Facts about BRICS
• The BRICS countries make up 21% of global GDP. They have increased
their share of global GDP threshold in the past 15 years.
• The BRICS are home to 43% of world’s population.
• The BRICS countries have combined foreign reserves of an estimated
$4.4trillion.
• The New Development Bank (NDB), formerly referred to as the
BRICS Development Bank, is a mutual development bank operated by
the BRICS states, with its headquarters in Shanghai.
List of BRICS Summit
• 2009 Russia
• 2010 Brazil
• 2011 China
• 2012 India
• 2013 S.Africa
• 2014. Brazil
• 2015 Russia
• 2016 India
• 2017 China
• 2018 S.Africa
• 2019 Brazil
• 2020 Russia
• 2021 India
Presented By
– Rakshita
Batra
XI - C