What is the main purpose of BRICS?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer
Economic Cooperation
Explanation
The primary purpose of BRICS (Brazil, Russia, India, China, South Africa, and other member nations) is to foster economic, political, and social cooperation among its member states. It serves as a platform to represent the interests of emerging economies, promote trade, investment, and sustainable development, and advocate for reforms in global financial and political institutions to ensure a more equitable international order.
Key Points
The BRICS grouping acts as a forum for consultation and coordination on issues of global and regional significance. Key initiatives include the establishment of the New Development Bank (NDB) to fund development projects and the Contingent Reserve Arrangement (CRA) to provide liquidity during economic crises. The group aims to amplify the collective voice of the Global South in global governance and move toward a more multipolar world order.
Important Questions and Answers
Question: What is the financial institution established by BRICS to support development projects?
Answer: The New Development Bank (NDB).
Question: Which countries were the original members of BRIC?
Answer: Brazil, Russia, India, and China.