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BRICS: History, objectives and an overview of the global alliance

Published 06/23/2023, 05:07 AM
Updated 06/23/2023, 06:40 AM
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BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs (NYSE:GS), coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy.

BRICS is an informal alliance that strives to foster collaboration and communication among its member nations rather than a formal organization or alliance with a legally binding contract. Here’s an overview of the history, objectives and key aspects of the BRICS alliance:

Economic powerhouses

Cooperation and dialogue

Economic cooperation

Development finance

Political influence

Global governance reform

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