BRICs


If you think about it we get most of our products from overseas and the five main distributors are China, India, Russia, Brazil, and South Africa. BRICs stands for Brazil, Russia, India, China, and South Africa.  All of these five countries represent about forty percent of the population in the world and eighteen percent of the economy in the world.  In the beginning South Africa wasn’t in the organization, it wasn’t until 2011 when they were introduced to BRIC.  The foreign ministers of BRIC first met at a meeting in New York City in September of 2006.  A few years later in 2009, they had a full-scale meeting in Russia with all the diplomats.

The first meeting in 2009 that included all the representative leaders of each country discussed the global economic situation, how to reform their financial institutions, and how the countries could become partners in the future.  They also discussed how they could help with global affairs in other developing countries.  After the meeting they decided that they need to find a global reserve currency for the organization and the United States dollar is what was decided to be the currency.  In 2010, South Africa started its efforts to join BRIC and they started the process in August of 2010, by Christmas Eve of that year, South Africa was invited to be a part of the BRIC.  And that was when it was renamed BRICs, they attended their first summit in China in 2011.

Since there beginning BRICs has had six meeting, the first in 2009 in Russia, the second in 2010 in Brazil, the third in 2011 in China, the forth in 2012 in India, the fifth in South Africa in 2013, the sixth in Brazil in 2014, and the next one is to be in Russia in 2015 and will be hosted by Vladimir Putin.  Not only do these countries have almost half of the world’s population but they also have around four trillion dollars in their foreign reserve and over sixteen trillion dollars combined Gross Domestic Product.  These developing and newly industrialized countries are fast growing and have large economies.  They have a significant power of the United States because of this and they is why the organized the group.  At their last meeting BRICs created a one hundred billion dollar BRICs bank and a currency reserve that had over a hundred billion dollars in it.  And they also signed documents that cooperated BRICs export agencies and innovation cooperation.

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