Culture
12:38, 03-Sep-2017
Explore Xiamen: What is BRICS?
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"BRICS” refers to an association of five major emerging national economies, they included Brazil, Russia, India, China and South Africa.
They represent about 43% of the world's population and 30% of the global GDP. Over the past decade, the BRICS nations have contributed to more than half of the world's economic growth, in areas such as trade, finance, agriculture and technology.
Since 2009, leaders of these five nations have been meeting annually at formal summits, the ninth of which is held in eastern China's city of Xiamen in September.
The BRICS nations wish to be involved in global governance in a more profound way, in order to meet challenges like terrorism and protectionism. The BRICS also wants to work on the reforms of the IMF and World Bank, items which are necessary as it leads to emerging markets.
BRICS leaders believe a strong partnership will benefit not only the five nations but also the emerging markets around them.