BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. In 2015, the five Global forex institute durban countries represent over 3.
10 of the world by population. The term «BRIC» was coined in 2001 by then-chairman of Goldman Sachs Asset Management, Jim O’Neill, in his publication Building Better Global Economic BRICs. In the aftermath of the Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be «diverse, stable and predictable». In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010, after being formally invited by the BRIC countries to join the group.
Left to right: Temer, Modi, Xi, Putin and Zuma. The BRICS Forum, an independent international organisation encouraging commercial, political and cultural cooperation between the BRICS nations, was formed in 2011. China, holder of the world’s largest foreign exchange reserves and who is to contribute the bulk of the currency pool, wants a greater managing role, said one BRICS official. China also wants to be the location of the reserve.
In March 2014, at a meeting on the margins of the Nuclear Security Summit in The Hague, the BRICS Foreign Ministers issued a communique that «noted with concern, the recent media statement on the forthcoming G20 Summit to be held in Brisbane in November 2014. Over the weekend of 13 July 2014, when the final game of the FIFA World Cup was held, and in advance of the BRICS Fortaleza summit, Putin met fellow leader Dilma Rouseff to discuss the BRICS development bank, and sign some other bilateral accords on air defence, gas and education. Left to right: Temer, Putin, Xi, Zuma and Modi. Previously, in August 2013, Morgan Stanley rated India and Indonesia, together with Brazil, Turkey and South Africa, as the ‘fragile five’ due to their vulnerable currencies. After the 2015 summit, the respective communications ministers, under a Russian proposal, had a first summit for their ministries in Moscow in October where the host minister, Nikolai Nikiforov, proposed an initiative to further tighten their information technology sectors and challenge the monopoly of the United States in the sector. Since 2012, the BRICS group of countries have been planning an optical fibre submarine communications cable system to carry telecommunications between the BRICS countries, known as the BRICS Cable. Iguazu Falls in Paraná, Brazil, is the largest waterfalls system in the world.