Read the passage carefully and answer the following questions.

The term BRICS has become a new buzzword for the economic power transition from affluent economies to developing economies in recent times. The emergence of the BRICS economy redistributes power in the international system. BRICS nations act more as reformist and seek better representation in multilateral institutions. These nations, therefore have no interest to challenging the current international system. In 2014, BRICS countries through a treaty established the New Development Bank (NDB). The bank was established as an institutional alternative to the World Bank and the International Monetary Fund (IMF). The BRICS countries intended to challenge the west dominated institution's predominance, to increase their influence in the realm of multilateral development banks and to alter the power balance internationally and democratize the functioning of these institutions. The NDB aims to provide two types of grants, namely emergency reserves and developmental grants. Analysts argue that in this way BRICS planned to expand its influence by combining the functions of both the IMF and the world Bank.

Which is the latest country to join the BRICS?

South Africa

The correct answer is Option (3) - South Africa

South Africa is the latest country to join the BRICS.

The 5 BRICS countries are:
Brazil (South America)
Russia (Europe and Asia)
India (Asia)
China (Asia)
South Africa (Africa)

The term BRICS refers to Brazil, Russia, India, China, and South Africa respectively. BRIC was founded in 2006 in Russia. BRIC turned into BRICS after the inclusion of South Africa in its first meeting in the year 2009. The key objectives of BRICS are primarily to cooperate and distribute mutual economic benefits among its members besides non-interference in the internal policies of each nation and mutual equality. The 11th conference of the BRICS concluded in Brazil in 2019, chaired by Brazilian President Jair Bolsonaro.