BY A C S Trinadh A-25 Subhasis Nandi A-26 Vaneet Kumar A-31 Bharat Baid A-43
From BRIC to BRICS: An Overview
1. Introduction
This chapter gives an overview of the country, economic and trade profiles of the BRICS with some basic sectoral and trade policy framework analysis to highlight the potential for collaboration amongst these five emerging economies. Selected trade-related excerpts of the Delhi Declaration and Action Plan of March 2012 are reproduced in the concluding
The significance of BRICS lies in their potential dynamism in an otherwise gloomy global economy fraught with concerns over the near term and future prospects of the Euro Zone and the United States. Europe and the United States were drivers of economic and trade growth in the 19th and 20th centuries, respectively. The 21st century potentially belongs to BRICS and other emerging economies.
2. Country Profiles
To understand and analyze BRICS as a group, it is necessary to understand how these five emerging giants spread across four continents are situated in the global context. The BRICS together accounted for over a quarter of the world’s GDP (in PPP terms) and over 40% of the global population in 2011. In terms of landmass, Russia is by far the largest in the group (it is also the largest country in the world). In terms of demographics, China closely followed by India, are the two most populous nations in the world. Together these two countries account for over one third of the world’s population
