The BRICS system seeks to further collaboration, prosperity, security, and peace. It also seeks to create a society that is more equal and just while making a substantial contribution to the advancement of humanity.
The acronym BRICS refers to Brazil, Russia, India, China, and South Africa as a whole. The acronym BRIC (without South Africa) was created in 2001 by Goldman Sachs economist Jim O'Neill, who predicted that by 2050, the four BRIC economies will take control of the world economy. South Africa was added to the list in 2010. These benefits are allegedly related to enhanced trade and market access, foreign direct investment, and, most importantly, a stronger negotiating position and a voice in global affairs. South Africa can withstand the shocks and challenges of globalization thanks to its membership in the BRICS.
In that respect, the BRICS concept was a surprising success: analysis by the acronym, since it brought Goldman Sachs a ton of attention and reputation. Additionally, it made the parochial and narrowly focused finance industry in wealthy nations aware of the possibilities of emerging economies.
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