BRIC

BRIC originally refers to Brazil, Russia, India, and China, four large emerging economies identified in the early 2000s as likely to drive global growth. The term was coined by Jim O'Neill, an economist at Goldman Sachs, in a 2001 research paper and quickly entered common usage as a shorthand for these rapidly expanding markets. In 2010, South Africa joined the group after which the acronym was expanded to BRICS.

BRICS coordinates on economic development, trade, investment, and political issues. The group has pursued institution-building projects, most notably the New Development Bank (NDB), established in 2014 and headquartered in Shanghai, and the Contingent Reserve Arrangement (CRA), a framework for liquidity support among member countries. The members hold annual summits and various ministerial and working-group meetings to discuss infrastructure, finance, energy, and sustainable development, among other topics.

The BRICS aim to reform global governance to reflect the growing influence of developing economies and to expand representation in institutions such as the IMF and World Bank. While the bloc accounts for a substantial share of world population and production, its members are diverse in size and development, which can complicate consensus. Critics note that BRICS has limited unified political power and that its influence varies with global economic conditions. Nevertheless, the group remains a visible forum for coordination among major emerging economies.