Coined by then-chairman of Goldman Sachs Assets, Jim O’Neill in 2001 – BRIC. At its initial formal meeting in 2009 [BRIC] emphasised the improvement of global economic situations and reforming financial institutions. South Africa in 2010 was then formally invited to join the group of the world’s fast growing in emerging economies – the group was renamed BRICS.
The grouping is celebrating a decade of formal meetings and the partnership continues to flourish. Brazil, Russia, India, China, South Africa relations have moved from just economic collaborations. The collation has over the years accumulated achievements that are not only for the benefit of member countries.
BRICS in 2014 Created a development bank [New Development Bank], raising $50 billion to start it from the ground. The bank has funded development in member countries and is now funding non-member countries and private. The NDB will in the future fund Arts and Culture – South Africa’s Minister of Arts and Culture Mr Nathi Mthethwa hosted BRICS Ministers of culture and it was agreed that the NDB should fund culture and the arts.
According to thesouthafrica.com the grouping achieved also, a decentralised the economic clout of traditional Western powers, ensured trade benefits for South Africa and gave Africa a greater access to the global stage.
By: Kgothatso Nkanyane