BRICS – IAS Synopsis
The BRICS is an informal group bringing together five economies of Brazil, Russia, India, China and South Africa.
Image source: Wikipedia
Goldman Sachs economist Jim O’Neill coined the term BRIC (without South Africa) in 2001, South Africa was added to the list in 2010.
The leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St. Petersburg, Russia, on the margins of G8 Outreach Summit in July 2006. In September 2006, the group was formalised as BRIC during the 1st BRIC Foreign Ministers’ Meeting. The 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009. BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers’ meeting in New York in September 2010.
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