BRICS Contingent Reserve Arrangement ( CRA ) is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures . It was established in 2015 by the BRICS countries Brazil , Russia , India , China and South Africa . The legal basis is formed by the '' Treaty for the Establishment of a BRICS Contingent Reserve Arrangement '' , signed at Fortaleza , Brazil on 15 July 2014 . It entered into force upon ratification by all BRICS states , announced at the 7th BRICS summit in July 2015
7th BRICS summit
7th BRICS summit
BRICS Contingent Reserve Arrangement