One promiment feature of the current international system is that several key emerging markets are gaining more space as influential global players , the past decade has seen the emergence of a variety of alliances ,these initiatives have mostly been driven by one purpose : Balancing out the recognized domination of international institutions and organisations by Western powers , those countries that have been most successful in contributing significantly in the global governance, and advancing a distinct set of interests in key international issues through collective action are now commonly referred to as the BRICS1, which brings together five major emerging
economies comprising 43 per cent of the world population , having 30 per cent of the wold GDP and 17 per cent share in the world trade .
The acronym BRIC was first used in 2001 by goldman sachs in their global economics paper « The World Needs Better Economic BRICS » on the basis of econometric analyses projection that the economies of Brazil, Russia, India China would individually and collectively occupy far greater economic space and would be among the world’s largest economies in the next 50 years or so which is the main finding in the other paper provided by the same center in 2003 « Dreaming with the BRICS , the path to 2050 « concretised it predicted that over the next 50 years the BRICS economies could become a major force in the world economy , and by 2050 the only industrialised developed economies among the six largest global economies would be the US and Japan in US Dollar terms. As a formel grouping , BRICS started after meeting of the leaders of Russia India and China in Saint Petersbourg on the margins of G8 outreach summit in 2006, the grouping was formalised during the first meeting of BRICS foreign ministers on the margins of United Nations General Assembly in New York in 2006, the first summit was held in Yekaterinburg ,Russia on 16 June 2009

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