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the BRIC group in 2010. As of 2012, the group's five members are Brazil ,Russia, India, China and South Africa. With the possible exception of Russia, the BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs. As of 2012, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$13.7 trillion, and an estimated US$4 trillion in combined foreign reserves. Presently, India holds the chair of the BRICS group. President of the People's Republic of China Hu Jintao has described the BRICS countries as defenders and promoters of developing countries and a force for world peace.However, some analysts have highlighted potential divisions and weaknesses in the grouping, such as India and China's disagreements over Tibetan and border issues, the failure of the BRICS to establish aworld Bank-analogue development agency, and disputes between the members over UN Security Council reform
no text has been made public of any formal agreement to which all four BRIC states are signatories. This does not mean. However. Russia. Some of these sources claim that PresidentVladimir Putin of Russia was the driving force behind this original cooperative coalition of developing BRIC countries. Various sources refer to a purported "original" BRIC agreement that predates the Goldman Sachs thesis. beginning a series of high-level meetings. however. Also important to note is the G-20 coalition of developing states which includes all the BRICs. which unites Brazil. and South Africa in annual dialogues. thus far. Also. and China) met in New York City in September 2006. Russia. 2008. Trilateral agreements and frameworks made among the BRICs include the Shanghai Cooperation Organization (member states include Russia and China. on May 16. India. A full-scale diplomatic meeting was held in Yekaterinburg. . India. this term has sometimes been extended whereby "BRICK" (K for South Korea). Evidence of agreements of this type are abundant and are available on the foreign ministry websites of each of the four countries. observers include India) and the IBSA Trilateral Forum.History The foreign ministers of the initial four BRIC states (Brazil. that they have not reached a multitude of bilateral or even quadrilateral agreements. because of the popularity of the Goldman Sachs thesis "BRIC".
 South Africa is a "gateway" to Southern Africa and Africa in general as the most developed African country. "BRICA" (GCC Arab countries – Saudi Arabia. Egypt.South Africa is also Africa’s largest economy. Jim O'Neill of Goldman Sachs argued that Africa could be considered the next BRIC. South Africa sought BRIC membership since 2009 and the process for formal admission began as early as August 2010. 2010 after being invited by China and the other BRIC countries to join the group. by introducing their own groupings of emerging markets. but as number 31 in global GDP economies it is far behind its new partners. Qatar. Turkey and South Africa). and India wants to increase commercial ties to Africa. Vietnam. According to Jim O'neill of Goldman Sachs who originally coined the term. and slightly above that of India.Analysts from rival banks have sought to move beyond the BRIC concept. Proposals include CIVETs (Colombia. Bahrain. Oman and the United Arab Emirates) and "BRICET" (including Eastern Europe and Turkey) have become more generic marketing terms to refer to these emerging markets. In an August 2010 op-ed. Martyn Davies. South Africa was officially admitted as a BRIC nation on December 24. Africa's combined current gross domestic product is reasonably similar to that of Brazil and Russia. The capital “S” in BRICS stands for South Africa.Kuwait. China is South Africa’s largest trading partner. the EAGLES (Emerging and Growth-Leading Economies) and the 7 per cent Club (which includes those countries which have averaged economic growth of at least 7 per cent a year)."BRIMC" (M for Mexico). South Africa stands at a unique position to influence African economic growth and investment. Jim O'Neill expressed surprise when South Africa joined BRIC since South Africa's economy is a quarter of the size of Russia's (the least economically powerful BRIC nation). Indonesia. He believed that the potential was there but did not anticipate inclusion of South Africa at this stage. a South . President Jacob Zumaattend the BRICS summit in Sanya in April 2011 as a full member.
 The group was renamed BRICS . African credentials are important geopolitically.African emerging markets expert. Further. South Africa's addition is a deft political move that further enhances BRICS’ power and status. Goldman Sachs did not argue that the BRICs would organize themselves into an economic bloc. or a formal trading association which this move signifies Entry of South Africa In 2010. after being formally invited by the BRIC countries to join the group. and the process for its formal admission began in August of that year. South Africa began efforts to join the BRIC grouping. influence and trade opportunities. argued that the decision to invite South Africa made little commercial sense but was politically astute given China's attempts to establish a foothold in Africa. In the original essay that coined the term. 2010. South Africa's inclusion in BRICS may translate to greater South African support for China in global fora. South Africa officially became a member nation on December 24. giving BRICS a four-continent breadth.
on March 29. in 2009 and 2010. with member countries taking turns to host. ]BRICS summits The grouping has held annual summits since 2009. The first fivemember BRICS summit was held in 2011. However. In April 2011. this loan is conditional on IMF voting reforms. In June 2012. The BRICS Forum. The most recent summit took place in New Delhi. two BRIC summits were held. Prior to South Africa's admission. the BRICS nations pledged $75 billion to boost the International Monetary Fund's lending power. China. as a full member. . was formed in 2011. India. 2012. South African President Jacob Zuma attended the 2011 BRICS summit in Sanya.– with the "S" standing for South Africa – to reflect the group's expanded membership. political and cultural cooperation between the BRICS nations. an independent international organisation encouraging commercial.
2010 April 14. India 2012 2013 Manmohan New Delhi Singh 5th BRICS South Jacob Zuma TBA Africa Member countries The table below lists the leaders. finance ministers and central bank governors of the five BRICS member countries. 2009 April 16. .Summit Participants Date June 16. The countries' respective gross domestic products (GDP) and Human Development Index (HDI) ratings are also included. 2011 Host Host leader country Location 1st BRIC Russia Dmitry Yekaterinburg Medvedev Luiz Inácio Lula da Brasília Silva 2nd BRIC Brazil 3rd BRICS China Hu Jintao Sanya 4th BRICS March 29.
Rouss Mante e ent Finan billio 788 eff ga Tombini ce n 0.29 5.3 Minist ohan ohan Finan Subbarao billio 88 er Singh Singh ce n Zhou Minis Xie 7.49 Dilma Guido Alexandr Presid ter of 2 12.755 India 0.85 Vladi Anton Presid ter of Mikhayl 0 12. Russia mir Siluan ent Finan ovich billio 993 Putin ov ce Ignatyev n Minis 1.67 Prime Manm Manm ter of Duvvuri 6 1.718 Minis Sergey 1.547 China 0.4 Presid Hu Xiaochua 8 13 ent Jintao ter of Xuren n Finan billio 0.687 .Me mber Leader Finance minister Centra l bank gover nor 2011 GDP (nomin al) (overal l•per capita) $USD[ 1] 2011 HDI[ 22] Brazil Minis 2.
Prime Minister.Me mber Leader Finance minister Centra l bank gover nor 2011 GDP (nomin al) (overal l•per capita) $USD[ 1] n 408 8. Dr Manmohan Singh.0 billio 66 n 2011 HDI[ 22] ce Minis Pravin South Presid Jacob ter of Gill Gordh Africa ent Zuma Finan Marcus an ce 0. 2009. proposed setting up of a BRIC Business Forum to further consolidate intra-BRIC .619 First BRIC Summit At the first formal BRIC Summit in Yekaterinburg on June 16.
.. networking of BRIC Think Tanks and commissioning of a Joint Economic Study on the State of World Economy and the Role of BRICS in it.Hu Jintao..We are strengthened by the complementarities of our resource endowments. BRIC countries are uniquely placed to contribute to reforming the architecture of global governance. as well as in disaster relief and management. China.... Manmohan Singh.. stable and predictable global order.. We stand for a rule-based. stated. President of China and Mr. at the second BRIC Summit in Brasilia in April 2010...... Ms...BRIC countries can benefit by sharing their experiences in the field of inclusive growth. .. Prime Minister...Dilma Rousseff. President of Russia........ Mr. We should cooperate in this area. Jacob Zuma.. in April 2011.” Third BRICS Summit At the third BRICS Summit in Sanya.. stated. Mr.. Dr Manmohan Singh.. President of South Africa attended the Summit. Dr Manmohan Singh.Trade and Economic ties. Energy and food security are two specific areas where we can work together.. We share the vision of inclusive growth and prosperity in the world. President of Brazil.... “.. deployment and dissemination of clean energy and renewable technologies. “. Dmitry Medvedev.” Fourth BRICS Summit India has successfully hosted the Fourth BRICS Summit in New Delhi on 29 March 2012 under the leadership of Hon’ble Prime Minister Dr........ Second BRIC Summit Prime Minister.. BRIC nations can set an example in promoting collaborative development. Nuclear safety has emerged as a major source of concern the world over after the tragedy in Japan...
as well as the political issues like developments in Afghanistan. Syria. They also covered global economic and financial situation. India hosted three Workshops with . etc. Leaders focused their discussions on issues of global governance. to be held later this year.both political (UN) and economic (IMF and World Bank).The Delhi Declaration. Iran. with special focus on the eurozone sovereign debt crisis. The Delhi Declaration also focused on BRICS efforts towards sustainable development and prepared the ground for Rio+20 in Brazil and CBD-COP11 Conference in Hyderabad. The Declaration included Delhi Action Plan which highlights the activities to be undertaken under India’s chairmanship of BRICS to further cooperation. Joint Economic Study Carrying forward the idea of a Joint Economic Study as proposed by the Prime Minister of India at the first BRIC Summit in Russia in 2009. capturing the essence of discussion as well as putting forth common position of BRICS countries on various economic and political issues of global and regional importance was issued at the end of the Summit.
. was released by the Leaders during the Fourth BRICS Summit.the participation of experts from other BRICS countries to take forward the idea of the BRICS Joint Study. The study coordinated by India titled “The BRICS Report” focusing on synergies and complementarities between the BRICS economies and highlighting their role as growth drivers of the world economy.
Romania. has a more developed and global integrated financial system and has an economy potentially more diverse than the other BRICs due to its raw material and manufacturing potential. Bulgaria. and several others were able to continually sustain high economic growth rates and do not experience some of the problems that Russia experiences or experience them to a lesser extent. By comparison the reduced acronym IC would not be attractive. By comparison South Korea ranked 24th and Singapore 3rd. such as Poland. then they would gain exposure to Asian debt and equity markets rather than to Latin America. not necessarily the wealthiest or the most productive and was never intended to be an investment thesis.). On the other hand. If investors read the Goldman's research carefully. Brazil ranked 64th. critical lack of modern infrastructure. Hungary. and the comparatively much lower growth rate seen in Brazil. although the term "Chindia" is often used. Combined with China and India. Brazil's lower growth rate obscures the fact that the country is wealthier than China or India on a per-capita basis. South Korea and Singapore. then the BRIC story becomes more compelling.Marketing The BRIC term is also used by companies who refer to the four named countries as key to their emerging markets strategies. these five economies are likely to be the world's five most influential economies outside of the G6. According to estimates provided by the USDA. In terms ofGDP per capita in 2008. . Slovakia. Many other Eastern European countries. The BRIC's study specifically focuses on large countries. etc. environmental degradation. when the "R" in BRIC is extended beyond Russia and is used as a loose term to include all of Eastern Europe as well. India 113th and China 89th. the wealthiest regions outside of the G6 in 2015 will beHong Kong. and agreed with the conclusions. However. At issue are the multiple serious problems which confront Russia (potentially unstable government. the Czech Republic. Russia 42nd.
The British author and researcher Mark Kobayashi-Hillarywrote a book in 2007 titled 'Building a Future with BRICs' for European publisher Springer Verlag that examines the growth of the BRICs region and its effect on global sourcing.Brazil's stock market. has gone from approximately 9.000 in September 2002 to over 70. and Shiv Nadar. Government policies have favored investment (lowering interest rates).000 in May 2008. the Bovespa. . retiring foreign debt and expanding growth. Contributors to the book include Nandan Nilekani. and a reformulation of the tax system is being voted in the congress.
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