BRICS is a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. The acronym "BRIC" was coined by economist Jim O'Neill in 2001 to describe these rapidly developing nations. The first formal summit of the BRIC countries was held in 2009 in Yekaterinburg, Russia. South Africa joined the group in 2010, leading to the adoption of the name BRICS. Formation:
The concept of BRIC emerged from a 2001 Goldman Sachs report highlighting the economic potential of Brazil, Russia, India, and China.
First Summit:
The first BRIC summit, bringing together the leaders of the four countries, took place in Yekaterinburg, Russia, in 2009.
South Africa's Inclusion:
In 2010, South Africa was invited to join the group, expanding it to BRICS.
Key Meetings:
Since then, BRICS has held annual summits, focusing on economic and political cooperation, global governance reform, and sustainable development.
Recent Developments:
In 2023, BRICS announced plans to include new members, further expanding the group's global influence,
BRICS has evolved from an economic concept to a significant political entity, with its members cooperating on various issues and seeking to reform global institutions to reflect the changing global power dynamics.
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