What is BRICS?
BRICS is the group composed by the five major emerging countries – Brazil, Russia, India, China and South Africa, which together represent about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
The acronym BRIC was coined by Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the five largest economies of the world in the 21st century. In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government. In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.
Since the beginning of their dialogue, in 2006, these countries have sought to establish fairest international governance, one that would be more suitable to their national interests. This goal would be achieved, for example, through the reform of the International Monetary Fund quota system, which came to include, for the first time, Brazil, Russia, India, and China amongst the top ten largest shareholders.
Goals and objectives:
• Coordination of economic policies between countries;
• Formation and development of a trade association;
• Coordination of countries’ policies;
• Formation of an integrated scientific and information space.