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
