BRICS: Historical past, targets and an outline of the worldwide alliance

BRICS is an acronym that represents an alliance of 5 main rising economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs (NYSE:), coined the phrase in 2001 to emphasise the mixed potential of those nations within the international economic system.

BRICS is a casual alliance that strives to foster collaboration and communication amongst its member nations slightly than a proper group or alliance with a legally binding contract. Right here’s an outline of the historical past, targets and key elements of the BRICS alliance:

Financial powerhouses

Cooperation and dialogue

Financial cooperation

Improvement finance

Political affect

World governance reform

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