BRIC [Brazil, Russia, India, and China]

The BRIC concept was first used by corporate analysts (Goldman Sachs) as part of an economic modeling exercise to forecast global economic trends over the next half century. The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper No. 66, "The World Needs Better Economic BRICs".

2. The BRIC grouping brings together four major economies richly endowed collectively in terms of natural resources and other factors of production, and which are in a position to sustain higher growth rates. BRIC countries together command 25.9% of world’s geographic area, 40% of global population and 22% of global GDP (PPP).

BRIC Joint Statements and other documents 

3. Joint Statements were issued after both of first two summits. The first Summit also adopted a Joint Statement on Global Food Security. Joint Communiqués/Statements were also issued after the first standalone meeting  of BRIC Foreign Ministers and meetings of BRIC Finance Ministers and BRIC Agriculture Ministers.

4. A Memorandum of Cooperation was signed among BRIC Development Banks (EXIM Bank from the Indian side) on the sidelines of the 2nd Summit; a BRIC Statistical publication was also released. The 3rd International Conference of BRIC Mayors also adopted a Joint Statement.

Issues on BRIC Agenda 

5. Starting essentially from considering economic issues of mutual concern, the agenda of BRIC meetings has considerably widened over the years to encompass topical global issues such as international terrorism, WMDs, climate change, food and energy security, international economic and financial situation etc.

6. BRIC countries share similar positions on many issues under discussion in G20 including on the reforms of the Bretton Woods Institutions, trade protectionism and the Doha Development Round. Other topical global issues where BRIC positions find convergence include as international terrorism, achievement of MDG goals,
support for multi-polar, equitable and democratic world order, based on international law, equality, mutual respect, cooperation, coordinated action and collective decision-making of all States.

Expansion of BRIC into BRICS 

7. Some countries including South Africa, Egypt, etc. have evinced keenness to join BRIC.  At the last meeting of BRIC Foreign Ministers in New York on 21st September 2010 on the sidelines of the
65th Session of the UNGA, issue of South Africa’s membership of BRIC was discussed.  China, as the current informal Chair of BRIC, has invited South African President to the forthcoming BRIC Summit
in Sanya on 14 April 2011 with the concurrence of other BRIC leaders.

Third BRIC Summit 

8. China is hosting the 3rd BRIC Summit on 14 April 2011 in Sanya city of Hainan Province. Hon'ble PM is leading the Indian delegation to the Summit. The Summit will be the first gathering of five countries or the first BRICS Summit after South Africa's entry into the grouping.

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