In 2001 Jim O’Neill, an economist at Goldman Sachs, came up with the acronym “Bric” while explaining that he believed the next wave of growth would come from emerging markets such as Brazil, Russia, India and China. 

Years later, foreign ministers of the Bric met to begin the process of formally organising the group into a bloc. The mission was simple: to co-operate, on an equal basis, on politics, trade and investment. ..

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