BRICS: The Evolution, Significance, Initiatives, Challenges, and Contradictions
BRICS is a term representing a coalition of five prominent emerging economies: Brazil, Russia, India, China, and South Africa. These nations have united to establish a distinctive platform fostering cooperation and partnership across diverse sectors. The acronym BRICS encapsulates this assembly of the world's foremost emerging economies: Brazil, Russia, India, China, and South Africa. In 2001, British Economist Jim O’Neill coined the abbreviation BRIC to characterise the four emerging economies of Brazil, Russia, India, and China. The formalisation of this alliance took place during the initial gathering of BRIC Foreign Ministers in 2006. Subsequently, in December 2010, South Africa received an invitation to join BRIC, resulting in the adoption of the acronym BRICS to encompass the expanded group. Headquarters : Shanghai, China Chairmanship: The chairmanship of the forum is rotated annually among the members, in accordance with the acronym B-R-I-C-S. South Africa is the Chai