The summit of the BRICS (Brazil, Russia, India, China and South Africa) nations, 2013 is a welcome step for bringing together five fast emerging countries from four continents when world economy running in a bad shape. The creation of Development Bank is really a better alternative to International Monetary Fund (IMF) and World Bank which bears a significant impact on the existing balance of authority and influence in international field. The BRICS contingent reserve arrangement is a pool of money to protect the member states against any future economic crisis, to provide mutual trust and further build up financial stability among BRICS countries. The Business Council is supposed to play a very active role in carving out an implementation plan to accelerate economic co-operation and partnerships between enterprises of BRICS nations in years to come. The combined economics of BRICS is a central factor in global economy. The BRICS is a good platform for working out global approaches to international problems. The BRICS rating agency is an act of principle along the lines of the new political and economic trends.
R. Keshab Chandra and Dr. Sushanta Kumar Mahapatra, “BRICS 2013: A Non-Western Vision”, International Journal of Economic Issues, vol. 6, no. July-December, 2013.