BRICS stands for Brazil, Russia,
China, and South Africa, which are all deemed to be at a similar stage of newly advanced economic development.
BRICS is first established in 2010 as BRIC, South Africa was later added to list on April 2011 creating “BRICS”. As of 2011, 5 countries were among the quickest growing rising markets. It's important to notice that the Goldman Sachs thesis is not that these countries area unit a political alliance (like the
European Union) or a proper commercialism association
. Instead, they need the potential to create a robust economic alignment. Leaders from BRIC countries frequently attend
s along and infrequently act as one with every others’ interests. Today, BRIC is also used as a more generic marketing term to refer to the four original emerging economies. Columbia University established a BRIC Lab that examines foreign, domestic, and monetary policies of BRIC members.