BRICS Summit 2024

Why in the news?

• The 16th BRICS summit of BRICS started on 22 October.
• It will be held till 24 October.
• It is being hosted by Russia.

BRICS:

• In the year 2001, British economist Jim O'Neill coined the term 'BRIC' by combining Brazil, Russia, India and China.
• It was formalized in a meeting of foreign ministers of Brazil, Russia, India and China in 2006
• In 2010, South Africa also joined it and its name changed from BRIC to BRICS
• Currently it has 10 members - Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and United Arab Emirates
• Regular summits of BRICS are being organized since 2009
• India chaired BRICS for the first time in 2012.