BRIC are the letters that originally stood for these countries: Brazil, Russia, India and China.South Africa became part of the BRIC nations in 2010, turning BRIC into BRICS.The five nations if combined would be the largest entity on the global stage, according to Goldman Sachs, which has continued to monitor the four countries since 2001. They are considered among the biggest and fastest growing emerging markets, or those markets still developing.
On June 16, 2009, the leaders of the BRIC countries held their first summit in Russia,and issued a declaration calling for the establishment of an “equitable, democratic and multipolar world order.”
BRICS is formed for following two major reasons:
- To be an Alternative to World Bank and IMF to challenge US supremacy.
- To provide Self owned and Self Managed Organisation to carry out Developmental and Economical Plans in member nations without being dependent on any foreign agency.This point gets it strength on recent development in BRICS with the inititiative of BRICS Bank.