BRIC is a mechanism for political-economic cooperation between Brazil, Russia, India and China. It is an acronym for the names of the participating countries and was first named in 2001 by the financial consulting firm Goldman Sachs. The term BRIC designated the group of emerging countries with the highest growth potential at that time. In 2010 it was upgraded to BRICS, following the entry of South Africa.
The projection was that by 2050 these countries would outpace the richest nations in the world, with India and China as the largest providers of labor in the world, and Russia and Brazil as the largest exporters of raw materials. The purpose of the report that the BRIC created was to attract investors’ attention to developing countries as promising markets. However, he ended up suggesting the organization of the mechanism with the objective of creating conditions for a new world economic order, reducing dependence on the United States and the influence of the dollar in the markets.
Although they have held meetings since 2006, the BRIC countries do not form an economic bloc or political group. The meetings emerged as an opportunity for the joint growth of these countries, based on the same agenda of interests. The first BRIC summit took place in 2009, in the Russian city of Yekaterinburg. It included Luiz Inácio Lula da Silva, President of Brazil, Dmitri A. Medvedev, of Russia, Hu Jintao, of China, and Prime Minister of India, Manmohan Singh.