Which of the following Statements about BRICS is/are True?
I- The Chairmanship of the forum is rotated annually among the members.
II- The BRICS seeks to deepen, broaden and intensify cooperation within the grouping and among the individual countries for more sustainable, equitable and mutually beneficial development.
III- It was formed in 2006.
Solution- BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China and South Africa. The BRICS Leaders’ Summit is convened annually. Together, BRICS accounts for about 40% of the world’s population and about 30% of the GDP (Gross Domestic Product), making it a critical economic engine. It’s an emerging investment market and global power bloc.
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