The 9th annual BRICS summit, scheduled for September 3rd to 5th in Xiamen City in China’s Southeast, is themed around enhancing cooperation among emerging markets and developing countries.
The 5 BRICS countries represent over 3.6 billion people- about 40% of the world population, and have a combined nominal GDP of $16.6 trillion.
This year’s meeting is planned to provide more opportunities for emerging economies and injecting impetus into economic globalisation.
So what are some of the keys things you need to know about BRICS?
- Origin of BRICS
The original term “BRIC” coined by former Goldman Sachs economist Jim O’Neill in 2001 referred to Brazil, Russia, India and China, four emerging markets with faster growth and greater potential.
In 2010, South Africa joined the group and the acronym was changed to BRICS.
Since 2009, the BRICS nations have met annually at formal summits.
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