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Thread: Brics

  1. #1
    Senior Member Catsquotl's Avatar
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    Brazil, Russia, India, China and South Africa.

    As I understand it these countries have only started talking about working together since 2006. A first official BRIC meeting wasn't held until 2009 and only in 2010 did it become brics when south africa joined.
    Starting out to explore how they could co-operate better in order to develop their own countries and become more involved in global affairs. Later a logical step would be to create a new local reserve currency.

    Most of the above is found on wikipedia.

    What I do find interesting is that the term BRIC countries was used first in 2001 or 2003 depending on the which website one finds in a Goldman Sachs report
    The BRIC thesis posits that China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as suppliers of raw materials. It's important to note that the Goldman Sachs thesis isn't that these countries are a political alliance (like the European Union) or a formal trading association - but they have the potential to form a powerful economic bloc. BRIC is now also used as a more generic marketing term to refer to these four emerging economies.
    Due to lower labor and production costs, many companies also cite BRIC as a source of foreign expansion opportunity.
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  3. #2
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    It is courious if it was long planed this way or it just fell into place ,like the following

    MINT economies (Mexico, Indonesia, Nigeria and Turkey). another Jim O’Neill creatiion
    ‘PIGS’ markets (Portugal, Ireland, Greece and Spain)
    ‘VIP’ economies Vietnam, Indonesia and Philippines
    ‘SAFE’ economies Switzerland, Austria, Finland and Estonia
    ‘RISE’ economies Rwanda, Ivory Coast, Sierra Leone and Ethiopia

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