The group held its first leaders’ summit in 2009. The first meeting of BRIC foreign ministers was organized by Russia on the sidelines of the United Nations General Assembly in 2006. Their rapid growth at the time meant they had shared interests and challenges, and combining their voices could increase their influence. The four nations took the concept and ran with it. The term was intended as an optimistic scenario for investors amid market pessimism following the terrorist attacks in the US on Sept. “BRIC” was coined in 2001 by economist Jim O’Neill, then at Goldman Sachs Group Inc., to draw attention to strong economic growth rates in Brazil, Russia, India and China. ![]() Now it’s undergoing an enlargement that would pair some of the planet’s largest energy producers with some of the biggest consumers among developing countries, potentially enhancing the group’s economic clout in a US-dominated world. The BRICS group of emerging market nations - Brazil, Russia, India, China and South Africa - has gone from a slogan dreamed up at an investment bank two decades ago to a real-world club that controls a multilateral lender.
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