page_title: BRIC
section_title: History
hierarchical_section_title: BRIC / History
caption_attribution_description: Brasília - O presidente da Rússia, Dmitri Medvedev, o presidente Lula, o presidente da China, Hu Jintao, e o primeiro-ministro da Índia, Manmohan Singh, posam para a foto oficial durante a 2ª Cúpula de Chefes de Estado e de Governo do BRIC (José Cruz/ABr)
context_page_description: BRIC is a grouping acronym referring to the countries of Brazil, Russia, India and China, deemed to be developing countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four". A related acronym, BRICS, adds South Africa.
  The term was coined by economist Jim O'Neill in 2001 as an acronym for the four countries, which were deemed to be at a similar stage of newly advanced economic development. In 2009 the leaders of the four countries held their first summit and in 2010 BRIC became a formal institution. South Africa began efforts to join the BRIC grouping and on December 24, 2010, was invited to join BRICS. The original aim of BRIC was the establishment of an equitable, democratic and multi-polar world order, but later BRIC became a political organization, especially after South Africa joined. O'Neill told the 2010 summit that South Africa, at a population of under 50 million people, was just too small as an economy to join the BRIC ranks.
  The future of BRIC as an economic group is questionable.
context_section_description: Various sources refer to a purported "original" BRIC agreement that predates the Goldman Sachs thesis. Some of these sources claim that President Vladimir Putin of Russia was the driving force behind this original cooperative coalition of developing BRIC countries. However, thus far, no text has been made public of any formal agreement to which all four BRIC states are signatories. This does not mean, however, that they have not reached a multitude of bilateral or even quadrilateral agreements. Evidence of agreements of this type are abundant and are available on the foreign ministry websites of each of the four countries. Trilateral agreements and frameworks made among the BRICs include the Shanghai Cooperation Organisation (member states include Russia and China, observers include India) and the IBSA Trilateral Forum, which unites Brazil, India, and South Africa in annual dialogues. Also important to note is the G-20 coalition of developing states which includes all the BRICs.
  Also, because of the popularity of the Goldman Sachs thesis "BRIC", this term has sometimes been extended whereby "BRICK" (K for South Korea), "BRIMC" (M for Mexico), "BRICA" (GCC Arab countries—Saudi Arabia, Qatar, Kuwait, 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, Jim O'Neill of Goldman Sachs argued that Africa could be considered the next BRIC. Analysts from rival banks have sought to move beyond the BRIC concept, by introducing their own groupings of emerging markets. Proposals include CIVETs (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), the EAGLES (Emerging and Growth-Leading Economies) and the 7 percent club (which includes those countries which have averaged economic growth of at least 7 percent a year).
  South Africa sought BRIC membership since 2009 and the process for formal admission began as early as August 2010. South Africa was officially admitted as a BRIC nation on December 24, 2010, after being invited by China and the other BRIC countries to join the group. The capital "S" in BRICS stands for South Africa. President Jacob Zuma attend the BRICS summit in Sanya in April 2011 as a full member. South Africa stands at a unique position to influence African economic growth and investment. According to Jim O'Neill of Goldman Sachs who originally coined the term, Africa's combined current gross domestic product is reasonably similar to that of Brazil and Russia, and slightly above that of India. South Africa is a "gateway" to Southern Africa and Africa in general as the most developed African country. China is South Africa's largest trading partner, and India wants to increase commercial ties with Africa. South Africa is also Africa's largest economy, but as number 31 in global GDP economies it is far behind its new partners.
  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). He believed that the potential was there but did not anticipate inclusion of South Africa at this stage. Martyn Davies, a South African emerging markets expert, 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. Further, South Africa's inclusion in BRICS may translate to greater South African support for China in global fora. He has great belief that the "S" in "BRICS" could be replaced eventually by SADC.
  African credentials are important geopolitically, giving BRICS a four-continent breadth, influence and trade opportunities. South Africa's addition is a deft political move that further enhances BRICS' power and status. In the original essay that coined the term, Goldman Sachs did not argue that the BRICs would organize themselves into an economic bloc, or a formal trading association which this move signifies.
caption: The BRIC leaders in 2010
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