BRICS is a group of major emerging economies, originally including Brazil, Russia, India and China, which was termed in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper outlining the potential growth of these powers. The bloc was informally founded in 2009, and initiated by Russia, to counter the dominant role of the United States and Western allies in the contemporary world order. It has yet to be formalised, however, heads of state and government meet on an annual basis. South Africa joined the group in 2010…
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