The BRICS Concept: An Overview The term "BRIC" was initially coined by economist Jim O'Neill in 2001, referring to Brazil, Russia, India, and China, as emerging economies with significant growth potential. The concept gained traction as these nations experienced rapid economic expansion, challenging the dominance of established Western powers. The first BRIC summit took place in 2009, solidifying the group's political and economic cooperation. In 2010, South Africa joined the

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