BRICS

 BRICS is an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.

 The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs.

 All five are G-20 members.

 Since 2009, the BRICS nations have met annually at formal summits. China will host the 9th BRICS summit in Xiamen on September 3rd, 4th and 5th, 2017.

 Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit.

 BRICS developed New Development Bank (NDB) which will have capital of US$50 billion with each country contributing US$10 billion, while the monetary fund will have US$100 billion at its disposal.

 Since 2012, the BRICS group of countries have been planning an optical fibre submarine communications cable system to carry telecommunications between the BRICS countries, known as the BRICS Cable.