BRICS refers to the abbreviation of the five emerging market countries of Brazil, Russia, India, China and South Africa. The concept was first proposed in 2003 by Jim O'Neill, chief economist at Goldman Sachs in the United States, who believed that the economic potential of these four countries (which did not yet have South Africa) was underestimated, and that they were expected to become the main force of the world economy in the future. He used the English initials of these four countries to form the word bric, which means "BRICS".
The concept quickly attracted the attention of the United States and the world, and many ** began to report and analyze the development prospects of these four countries. This also made the four countries aware of their common interests and room for cooperation, and they began regular summits in 2009.
In 2011, China invited South Africa to join the mechanism, arguing that Africa is an important part of emerging countries and should have a representative country participating. South Africa happily accepted the invitation and thanked China. Since then, the BRICS countries have become five, which is now BRICS.
Cooperation between BRICS countries is deepening, and they have a lot of consensus and actions in the economic, political, security, cultural and other fields. One of the most landmark achievements was the establishment in 2015 of the New Development Bank, a multilateral development institution run by the BRICS countries to provide financial support and a platform for cooperation between emerging markets and developing countries. The New Development Bank is headquartered in Shanghai, China, in which China plays a leading role. The New Development Bank has provided emergency assistance and long-term loans to many countries, and has become a reliable partner, especially when the World Bank and the International Monetary Fund are unable or unwilling to help.
The development of the BRICS countries has not been smooth sailing, and they have also encountered many difficulties and challenges. Especially after the global financial crisis in 2008, the economies of all four other countries, except for China, were severely affected, with slowing growth, widening gap between rich and poor, and social instability. Jim O'Neill even said in 2015 that he was wrong, that only China is gold, and everything else is bricks. This has caused many people to lose confidence in the prospects of BRICS.
However, the situation has changed in the last two years, and the BRICS countries have regained their vitality. This is mainly because of a series of wrong policies and behaviors of the United States, which have led to global dissatisfaction and revolt. In response to the epidemic and economic crisis, the United States printed a large amount of money, which triggered global inflation, depreciating the currencies of many countries, causing prices to be the highest and people's livelihood to suffer. The United States has also imposed sanctions on Russia over Ukraine, even kicking it out of the international payment system, forcing Russia to find a new partner. Brazil, after the return of leftist leader Lula to power, also expressed dissatisfaction with US hegemony and interventionism, and paid more attention to BRICS cooperation. As a result, the unity and enthusiasm within the BRICS countries have increased, and they have also received support and recognition from more countries.
The BRICS countries recently announced plans to expand their capacity, inviting six new members: Argentina, Egypt, Iran, Nigeria, Thailand and Turkey. This is a major initiative for the BRICS countries and an important opportunity. The expansion of the BRICS countries has the following benefits:
First, it can enhance the voice and influence of developing countries in international affairs, and engage in more equal and effective dialogue and cooperation with Western countries.
Second, it can provide a broader and deeper platform for cooperation among developing countries, promote exchanges and mutual learning in the economic, social, scientific and technological fields, and achieve common development and common prosperity.
Third, it can provide developing countries with a basis to get rid of the hegemony of the US dollar, promote the establishment of a diversified and multipolar international monetary system, and protect their financial security and sovereignty.
Of course, the expansion of the BRICS is not an easy task, and it will also bring some problems and risks. For example, will there be more differences and contradictions among the BRICS countries after the expansion, will it affect the original cooperation mechanism and efficiency, and will it arouse the disgust and obstruction of Western countries, etc. Therefore, in the process of expanding the BRICS, the BRICS countries must make steady progress, not rush to achieve results, fully consider the interests and demands of all parties, establish effective communication and coordination mechanisms, maintain high-quality development, adhere to the principle of openness and inclusiveness, and maintain a peaceful and stable environment. Only in this way can the BRICS countries truly become a positive force in the world and contribute to the progress and happiness of mankind.