The BRICS nations and their priorities

The so-called “BRICS nations” have recently proven to be the most fascinating group of worldwide economies that collaborate with each other. The name is an acronym for an association comprising Brazil, Russia, India, China, and South Africa. The BRICS members are all developing or newly industrialised countries, they are however distinguished by their large, rapidly growing economies and their significant impact on regional and global affairs. Before the inclusion of South Africa, the organisation was known as BRIC. On 13 April 2011, when South Africa joined the group, BRIC gained the letter “S”. The name “BRIC” itself was used for the first time by Jim O’Neill, a British economist of Goldman Sachs. Published in November 2001 and then widespread, O’Neill’s forecast predicted that by the half of the 21st century those countries would have become world powers. As of 2014, the BRICS countries represent almost 3 billion people – approximately 40% of the entire world population. The five nations have a combined nominal GDP of US$ 16.039 trillion, equivalent to approximately 20% of the gross world product, and an estimated US$ 4 trillion in combined foreign reserves. Since 2010, the representatives of the BRICS government have been meeting annually at formal summits. The nations within this group do not form a political alliance or an official trade association. The priorities of the members are as follows: Development of a new currency system; Reforming the United Nations, Increasing the role of developing countries in the international monetary institutions. Having regard to the emerging political and economic changes on a global scale, the BRICS nations have been undertaking new ventures and initiatives aimed to make them key players on the international arena. Today, it is really captivating to see to what extent those intentions are real and exercisable.