BRICS Countries

Brazil, Russia, India, China, and South Africa are the emerging economies that make up the BRICS countries. These countries formally announced a partnership in 2009, which was the year they created their first annual summit, held in Russia. It can be argued that these countries came together because of their perceived dissatisfaction due to what they believe is their limited influence in such international organizations as the World Bank and the International Monetary Fund. The BRICS countries further integrated their economies by trading with their own currencies and proposing the creation of a BRICS development bank, which would rival the World Bank.