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: