BRICS - Brazil, Russia, India, China, and South Africa
BRICS is an acronym that stands for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. These countries are considered to be at a similar stage of newly advanced economic development and are seen as important players in the global economy. The term "BRIC" was initially coined by economist Jim O'Neill in 2001 in a paper titled "Building Better Global Economic BRICs." South Africa joined the group later in 2010, and since then, the acronym has been expanded to BRICS.
The BRICS nations share some common characteristics, such as having large populations, significant natural resources, and growing economies. They have also been seeking to increase their influence on the global stage and have been involved in various initiatives and dialogues to enhance cooperation in economic, political, and strategic matters.
The BRICS countries hold annual summits where their leaders come together to discuss various issues and areas of cooperation, such as trade, investment, development, and international relations. One of the primary goals of the BRICS group is to promote South-South cooperation and foster ties between the member countries in a spirit of mutual benefit.
Since the formation of BRICS, the group has explored various avenues for collaboration, including the creation of the New Development Bank (NDB), also known as the BRICS Development Bank, which aims to finance infrastructure and sustainable development projects in member countries and other emerging economies.
It's important to note that the dynamics and economic situations of each BRICS country can change over time, and the significance of the group in the global economy may evolve accordingly. The BRICS initiative remained an important platform for cooperation and dialogue among the member countries. However, for the most current information, it's best to refer to more recent sources.
