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Backgrounder: Basic facts about BRICS

(Xinhua)

09:53, March 29, 2012

NEW DELHI, March 28 (Xinhua) -- The fourth BRICS summit began in New Delhi, India on Wednesday. Following are basic facts about the grouping.

The BRICS groups Brazil, Russia, India, China and South Africa, with the name being the initials of the five countries. The grouping had been called BRIC before the accession of South Africa in December 2010.

According to the International Monetary Fund, the BRICS, a cooperative quintuplet, with roughly one third of the world's total population and more than a quarter of the world's land area, was estimated to have a combined nominal GDP of 13.6 trillion U.S. dollars in 2011, accounting for 19.5 percent of the world's total.

The BRICS is playing an increasingly important role in the world economy. From 2001 to 2010, inter-BRICS trade shot up with an average annual growth rate of 28 percent. Total trade among the five countries stood at 230 billion U.S. dollars in 2010.

A Goldman Sachs report in 2009 showed that, since the start of the 2008 global financial crisis, 45 percent of global growth had come from the BRIC (before South Africa joined in late 2010), which was first coined as an economic concept in 2001 by Jim O' Neil, a senior Goldman Sachs economist.

The BRICS countries have made tremendous contributions to the world economy by increasing employment, cutting poverty, pouring in capital, exporting and importing, among others.

As emerging economies, the BRICS countries share similar views on many regional and international issues. Over recent years, dialogue and cooperation among the countries have continued to be strengthened, as evidenced by frequent exchanges of opinions on important issues concerning international economy and development.

The New Delhi BRICS summit is the fourth one. The previous one was held in China's Southern Hainan province in 2011.

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