South Africa is the most developed economy on the African continent
BRICS is a group of five fast-developing economies: Brazil, Russia, India, China and South Africa. It was set up in 2006. The idea of BRICS was around even earlier. Goldman Sachs’s analyst Jim O'Neill voiced it back in November 2001 and was the first to propose the acronym “BRIC,” which remained in use until South Africa joined the organization on February 18, 2011.
The organization was renamed to BRICS. The word “BRICS” is also symbolic. It is associated with “bricks,” meaning cornerstones that a new global economy will be built upon. Goldman Sachs predicts that BRICS economies will overtake world’s largest G7 economies by 2050.
BRICS countries are the largest developing economies that control crucial natural resources:
· Brazil is the world’s biggest sugar, oranges and coffee producer;
· Russia commands vast oil and natural gas resources;
· India is a major corn exporter;
· China’s economy is second only to the United States and is expected to catch up with it in GDP yields by 2020;
· South Africa produces coal, gold, platinum and diamonds.
Goldman Sachs predicts that economic potential of Brazil, Russia, India and China will put them ahead of the pack as top global economies by 2050. Subsequently, it will give rise to new economic elite and decrease the influence of developed countries with the highest living standard and limited natural resources.
Russian President Vladimir Putin has arrived in the Brazilian capital city, Brasilia, where he will take part in the second day of the two-day BRICS countries summit, Brazil, Russia, India, China and South Africa. The meeting will in an outreach format involving the leaders of a number of Latin American countries. The Russian president plans to have separate meetings with some of them on the summit sidelines.
The BRICS countries, namely Brazil, Russia, India, China and South Africa have expressed their support to the government of Iraq facing terrorism threats. "We are deeply concerned by the situation in Iraq. We strongly support the Iraqi government in its effort to overcome the crisis, uphold national sovereignty and territorial integrity," the BRICS leaders said in the Fortaleza Declaration adopted at their summit meeting on Tuesday.
The BRICS countries (Brazil, Russia, India, China and South Africa) said on Tuesday there could be no military solution to the Syrian conflict. "We express deep concern about the ongoing violence and the deterioration of the humanitarian situation in Syria and condemn the increasing violations of human rights by all parties," the BRICS leaders said in the Fortaleza Declaration adopted at the VI BRICS summit held in the Brazilian city of Fortaleza.
The BRICS countries, namely Brazil, Russia, India, China and South Africa have agreed that the Iranian nuclear problem should be settled by political and diplomatic means. "While reiterating our view that there is no alternative to a negotiated solution to the Iranian nuclear issue, we reaffirm our support to its resolution through political and diplomatic means and dialogue," the BRICS leaders said in the Fortaleza Declaration adopted at their summit meeting on Tuesday.
In a declaration adopted at the summit in Brazil, BRICS countries call for an all-embracing dialogue in Ukraine, de-escalation of the conflict, self-control for all the parties involved and a search for a peaceful settlement. The declaration reads that the BRICS countries are expressing grave concern over the situation in Ukraine and hoping for a peaceful settlement in full accordance with the UN Charter, widely recognized human rights and core freedoms.
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