BRICS – New World Order
BRICS stand for Brazil, Russia, India, China, South Africa.
The acronym BRIC was coined by Jim O’Neill in a 2001 paper entitled “Building Better Global Economic BRICs”. The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies towards the developing world. It is estimated that BRIC economies will overtake G7 economies by 2027.
Jim O’Neill is a British Economist who became Chairman of Goldman Sachs’s Division of Asset Management in 2010.
As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$14.9 trillion, and an estimated US$4.5 trillion in combined foreign reserves. Together the BRICS account for 25% of global GDP and 40% of the world’s population.
In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on December 24, 2010, after being formally invited by the BRIC countries to join the group. The group was renamed BRICS.
| Summit | Date | Host country | Host leader | Location |
| 1st BRIC | June 16, 2009 | Russia | Dmitry Medvedev | Yekaterinburg |
| 2nd BRIC | April 16, 2010 | Brazil | Luiz Inácio Lula da Silva | Brasília |
| 3rd BRICS | April 14, 2011 | China | Hu Jintao | Sanya |
| 4th BRICS | March 29, 2012 | India | Dr.Manmohan Singh | New Delhi |
| 5th BRICS | March 26–27, 2013 | South Africa | Jacob Zuma | Durban |
Links
BRICS Information Centre
BRICS Policy Centre
Observer Research Foundation’s BRICS microsite
