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What is B.R.I.C.S.?
BRICS is the acronym coined by British Economist Jim O’Neill meant for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC", before the induction of South Africa in 2010. The BRICS members are known for their significant influence on regional affairs; all are members of G20. Since 2009, the BRICS nations have met annually at formal summits. China hosted the 9th BRICS summit in Xiamen on September 2017, while South Africa hosted the most recent 10th BRICS summit in July 2018. The term does not include countries such as South Korea, Mexico and Turkey for which other acronyms and group associations were later created.
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