Reason for the formation of BRICS To be an alternative to World Bank and IMF to challenge U.S. supremacy. To provide self-owned and self-managed organisations to carry out developmental and economical plans in its member nations.
Objectives of BRICS.
- To achieve regional development
- It acts as a bridge between developed and developing countries
- To contribute extensively to development of humanity
- To establish a more equitable and fair world
- Boost intra BRICS trade in their local currencies to increase trade cooperation and cope with the current international financial crisis.
- To promote the technological information exchange among the member states
- To enhance inclusive economic growth that will lead to an increase in the creation of jobs, fight against poverty and accelerate the economic transformation of members.
