BRIC is a group of four major emerging national economies. projected to be the fastest growing market economies by Jim O'Neill of Goldman Sachs first in 2001, but most prominently in a follow up paper published in 2003. It has been speculated that by 2050 these four economies would be wealthier than most of the current major economic powers.

BRIC.....BRICS In 2010, South Africa joined BRIC and it became BRICS. represent 3 billion people (40% of the world population) Combined GDP of US$16.039 trillion (20% of the gross world product) US$4 trillion in combined foreign reserves While rich countries are sunk in debts, the BRICS will grow economically and become the new leaders of the world in the coming years. It is expected that the BRICS could become as big as the G7 by 2032.

Cont’d... All members part of the G-20 They have met annually at formal summits. First Summit was in Russia on June 2009 and latest held in China on September 2017. Act as one to promote legitimate international system Assisting developing countries in trade and climate change negotiations, as well as on issues related to the export of manufacturing products Challenge institutions like IMF and World Bank It is an economic partnership rather than political alliances.

The Development Bank (NDB) formerly referred to as the BRICS Development Bank, is a multilateral Development Bank operated by the BRICS states as an alternative to the existing US dominated World Bank and IMF. Headquarters: Shanghai, China President: K. V. Kamath Founded: July 15, 2014, Fortaleza, Ceará, Brazil First president: K. V. Kamath

BRICS Brazil, India and South Africa are democratic countries while Russia and China are authoritarian regime. Russia, Brazil and South Africa export different commodities while China exports manufactured and India exports services.

«Strength does not come from physical capacity, it comes from an indomitable will» Mahatma Gandhi