CURRENT AFFAIRS

Detailed explanation-1: -After a series of high level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009. BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers’ meeting in New York in September 2010.

Detailed explanation-2: -The idea of the BRICS was formulated by Chief Economist at Goldman Sachs, Jim O’Neill, in a 2001 study entitled “Building Better Global Economic BRICs". It became an analytical category in economic, financial, business, academic and media circles.

Detailed explanation-3: -First BRIC summit The foreign ministers of the initial four BRIC General states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN Assembly, beginning a series of high-level meetings.

Detailed explanation-4: -BRICS is an acronym for the powerful grouping of the world’s leading emerging market economies, namely Brazil, Russia, India, China and South Africa. The BRICS mechanism aims to promote peace, security, development and cooperation.

Detailed explanation-5: -BRICS is an acronym that started as BRIC in 2001, coined by Jim O’Neill (a Goldman Sachs economist) for Brazil, China, India, and Russia. Later in 2010, South Africa was added to become BRICS. Goldman Sachs claimed that the global economy will be dominated by the four BRIC economies by 2050.