Question

South Africa joined BRIC (Brazil, Russia, India, China) of the fastest growing economies in
1. 1999
2. 2001
3. 2008
4. 2011

Answer 1

Correct Answer - Option 4 : 2011

The correct answer is 2011.

• South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • South Africa subsequently attended the Third BRICS Summit in Sanya, China, in March 2011.

• BRICS is the acronym coined to associate five major emerging national economies: Brazil, Russia, India, China, and South Africa.
• BRICS Tower headquarters in Shanghai.
• The first BRIC Summit took place in 2009 in the Russian Federation and focused on issues such as reform of the global financial architecture.
• At the Fourth BRICS Summit in New Delhi (2012) the possibility of setting up a new Development Bank was considered to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.
• The New Development Bank (NDB), formerly referred to as the BRICS Development Bank.
• President of BRICS is Marcos Prado Troyjo.

• The 12th BRICS summit (21 Jul 2020 – 23 Jul 2020) was hosted by Russia.
• The 13th BRICS summit will be hosted by India in 2021.
• India hosted two summits 4th (2012) and 8th (2016).