First coined as an acronym for some emerging economies in 2001, BRIC countries formally emerged in 2009 at a diplomatic meeting in Russia involving Brazil, Russia, India and China. South Africa became a member in 2010 when the group’s name changed to BRICS. Its primary focus at that time was reforming the global financial system, stabilizing the global economic situation and finding ways to give developing countries, which included some members of BRICS, a stronger voice. While there is no doubt that the Western economic crash in 2008 must have given an impetus to the formation of BRICS, the assertion of the economic interests of the South by the formation of BRICS must be seen in the larger context of the economic dominance of the North over economic and political institutions and the growing multilateral sentiments in the world. The emerging economic clout of the BRICS countries, particularly China, India and Brazil, underlined the formation of BRICS and has ensured its survival. Before this summit last week in South Africa, it had already been established as a global force with an influential impact on world affairs. Countries subjected to restrictive trade practices and sanctions will now have an ally in efforts to challenge the dominance of the North.
