In the international trade and development arena, new and developing economies have created a block that is known as BRICS - Brazil, Russia, India, China and South Africa. Initially conceived to drive global change through economic growth, the financial crisis and reversal of fortunes of the...

"The term 'BRICS' is an acronym made from the initials of the five countries of Brazil, Russia, India, China and South Africa. The concept was originally coined in 2001 as 'BRIC' in the context of an economic report. Eight years later, the first BRIC Summit, attended by the leaders of the four...

Since China adopted its 'open door' policy in 1978, which altered its development strategy from self-sufficiency to active participation in the world market, its goal has remained unchanged: to assist the readjustment of China's economy, to coordinate its modernization programs, and to improve...