After which of the following country joining, BRIC transformed into BRICS?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer: Option 3 (South Africa)
Explanation:
Originally, this group was established in 2006 as BRIC (Brazil, Russia, India, and China). Following the inclusion of South Africa in 2010, the name was changed to BRICS. South Africa participated for the first time at the third summit, held in Sanya, China, in 2011.
Additional Facts
Establishment: The term BRIC was first used by Goldman Sachs economist Jim O'Neill in 2001.
BRICS Plus (2024): Effective January 1, 2024, BRICS has expanded, with Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) joining as new full-time members.
NDB: The BRICS countries have jointly established the New Development Bank, headquartered in Shanghai, China.
Possible questions for upcoming exams
Where was the 15th BRICS Summit (2023) held?
(Answer: Johannesburg, South Africa)
Who was the first President of the New Development Bank (NDB)?
(Answer: K.V. Kamath)
In which year was South Africa formally invited to join BRICS?
(Answer: 2010)