The idea of “BRIC” was first mooted by the former chief economist of Goldman Sachs, Jim O’Neill, in 2001. The four-nation group had its first high-level ministerial meeting in 2006, and held its inaugural summit in 2009. South Africa officially joined the group in December 2010, and BRICS emerged.

In the Chinese language, BRICS is referred to as jinzhuan (golden brick), which emphasises its significance. Today, BRICS has expanded to include 11 member countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, United Arab Emirates, and Saudi Arabia) and 10 partner countries (Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam).

BRICS and BRICS now account for 45 per cent and 55 per cent of the world’s population respectively and are rapidly closing in on 35 per cent to 45 per cent of global GDP (by purchasing power parity; even in nominal terms, BRICS economies now collectively surpass $30 trillion in GDP). Naturally, this collective voice cannot be........

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