With reference to a grouping of countries known as BRICS, consider the following statements:

1. The First Summit of BRICS was held in Rio de Janeiro in 2009.
2. South Africa was the last to join the BRICS grouping.

Which of the statements given above is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor

Explanation

Statement 1 is incorrect, and Statement 2 is correct

• The term BRIC was coined in 2001 by Jim O’Neill to refer to four emerging economies—Brazil, Russia, India, and China. The leaders of these countries first met in 2006 at St. Petersburg, marking the beginning of their cooperation. Later that year, in September 2006, the grouping was formally institutionalised as BRIC. The first official summit of BRIC was held in 2009 in Russia, giving the grouping a structured platform for dialogue. In 2010, South Africa joined the group, leading to its expansion and renaming as BRICS.
• The BRICS grouping has recently included five new members. The members are Iran, UAE, Ethiopia, Egypt and Indonesia.

Answer: (b) 2 only; Difficulty Level: Medium