The term BRIC (Brazil, Russia, India, and China) was first introduced in a 2001 report prepared by Jim O’Neill—then a professor at the University of Manchester—for Goldman Sachs, before the establishment of BRICS (Brazil, Russia, India, China, and South Africa). In this report, Brazil, Russia, India, and China were formulated as BRIC, based on the assessment that they were the fastest-growing emerging economies. According to O’Neill’s projection, by 2050, these developing countries would have the potential to become leaders in the global economic system. Moreover, the acronym—intentionally resembling the English word “brick”—was not a coincidence. It underscored the idea that these four countries would play a major role in shaping global economic growth in the future.
24 June 2024
BRICS and Türkiye
What is BRICS and why was it established? What is the importance of BRICS for international relations and the global economy? Why is BRICS important to Türkiye, and what impact can it have on foreign policy?
