BRIC

(Brazil-Russia-India-China)

BRIC

BRIC refers to the countries of Brazil, Russia, India and

China, which are all deemed to be at a similar stage of
newly advanced economic development.

Typically rendered as "the

BRICs" or "the BRIC

countries" or "the BRIC economies" or alternatively as

the "Big Four

BRIC

(Brazil-Russia-India-China)

The acronym was coined by Jim O Neil of Goldman Sachs in

a paper in 2001, which speculated that by 2050 these four
economies would be wealthier

thanmost ofthe current

major economic powers.

These countries have a high economic potential and are

becoming important world economic players.

In the first decade of the 21st century all these countries

were growing economically faster than the world economy
and it is assumed that they will have overtaken the EU by
the year 2020 and they will have dominated the world
economy by 2030.

BRIC

(Brazil-Russia-India-China)

Brazil, Russia, India and China have a high developing

potential and they represent a huge market.
It is exactly the market a trade outlet, and a
purchasing power that all the countries of the world are
looking for.
No global company dares to ignore new consumers. At
the same time, the BRIC countries offer entrepreneurs
low operating costs, attractive profit margins and an
opportunity to do long-lasting business.
Therefore
exactly

to

entrepreneurs
these

relocate

countries,

their

although

production
they

are

WHY ARE THE BRIC

COUNTRIES IMPORTANT?

Fast growing economies with the biggest source of labor;

They will soon change the consumption and production

pattern in the world economy;

As their influence on the global economy grows so do the

risks for the sustainable world development;

Their role in the global policy is increasing as well the

geopolitical importance for their regions and the world.

BRIC CHARACTERISTICS

Facing

challenges

related

to

economic

and

social

order

more

costs,

many

integration
Desire

to

make

the

international

representative
Possibility of cooperation in many areas
Due

to

lower

labor

andproduction

companiesalso cite BRIC as a source of foreign expansion

opportunity.

FUNCTIONING OF BRICs

BRICs nation will have their general meeting once in a

year at participating nations.
It will discuss about the development of the participating
nations.
Economical structure and features will be monitored.
BRICs bank will be formed to monitor and regulate the
funds and economy among the participating nations.
Regulation of common currency for the trade between the
participating nations

BRICs : AREAS 0F COOPERATION

BRIC CHARACTERSTICS
Economic Growth
Bilateral relations in trade
Bilateral lending in local currencies
New BRIC development bank to rival World Bank
Reduction of USD as dominant Foreign exchange reserve
Political Power and Leverage
South-South dialogues
Middle Powers leverage at UN
End dominance of Western global institutions
Peace and development in Global South

1st BRIC SUMMIT

June 16, 2009:
1st Summit of Heads of State
and

Government

Yekaterinburg;

in

Russia.The

summit's focus was on means

of

improving

economic

the

global

situation

and

reforming financial institutions

and discussed how the four
countries

could

better

co-

operate in the future.

OutcomeBRIC nations announced the

need for a new global reserve

2nd BRIC SUMMIT

April

15th,

2010, in

Braslia
Leaders

signed

Joint

Statement
The leaders discussed various
current issues including the Iran
and

nuclear

weapons,

development, the furtherance of

the BRIC (and IBSA that was
occurring at the same time) as
an international body, the global
economic situation at the time,
reform of financial institutions,
the

financial

G20,

and

April

14th,
rd

2011,

in

BRIC SUMMIT

Sanya, China.
Joint

Declaration

issued,

including an Action Plan listing

events

and initiatives

to

be

organized in 2011.
The

Summit

Economy,

discussed

International

law,

United Nations Security Council

reform,

Trade

medium

and

Libyan civil war

Associated to the Summit, the
following
organized:

events
The

2nd

were
BRICS

Business Forum, in Sanya, and

With the entrance of South Africa, at the 3rd BRIC

Summit, in April 2011, the BRICs became BRICS, with
capital "S".

4th BRIC SUMMIT

March 29th, 2012, in New Delhi, India.

The Leaders meeting consolidated the mechanism and

deepened intra-group dialogue, especially in the financial
and economic area.

The Leaders approved the creation of a Working Group to

study the implementation of a Development Bank, for
mobilizing resources for infrastructure and sustainable
development projects in BRICS and other emerging
economies and developing countries.

The Development Banks Presidents met and approved

two agreements to facilitate trade in local currencies.

Associated to the Summit, the following events were

organized: Trade ministers meeting, Business Forum,
Financial Forum, Academic Forum.

NEXT BRIC SUMMIT

2013, in South Africa

BRIC COUNTRIES TODAY

26 % of Earth's land area

42

of

world's

population

46% of worlds work force

19 % of worlds nominal
GDP (26 % of GDP PPP)

BRIC COUNTRIES TODAY

BRICS: COMPARATIVE
GRAPHICS

Significant drop of all

countries but the BRICs
manage

to

stay

positive numbers

in

THE NEXT 11

Mexico, Nigeria, Egypt, Turkey, Iran,

Pakistan, Bangladesh, Indonesia, Vietnam,
South Korea, Philippines

CONCLUSION

The BRICS, in its current configuration, fulfills the need of

strengthening centers of influence in global governance which
could

contribute

to

the

establishment

of

positive

multipolarity" in international affairs.

The group aims at not only defending the interests of its

members, but also
spaces

for

aims at broader goals, such as opening

dialogue

that

could

facilitate

systemic

re-

accommodation of the international order. The mechanism

wishes to strengthen multilateralism.

The BRICS is at a significant moment of consolidation. The group

demonstrated at the Declaration of New Delhi that it can reach
broader and significant consensus.

Extending beyond the original concept, the BRICS is today an

exciting and promising mechanism not only for intra-group
cooperation,

but

also

to

promote

real

change

in

global

THANK YOU