BRIC is the newly established group of four emerging economies of the world. With the admission of South Africa in 2010, it has now become BRICS. BRICS brings together five major emerging economies i.e. Brazil, Russia, India, China and South Africa, comprising 43 per cent of the world population, having 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 projecting that the economies of Brazil, Russia, India and China would individually and collectively occupy far greater economic space and would be amongst the world's largest economies in the next 50 years or so.
The basic idea of this group is that its members have the potential for economic growth to the extent that it would surpass the present leading economies of the US and other Western countries. The countries in the group have taken kin steps to increase their political cooperation, mainly as a way of influencing the United States position on major global issues. The group appears to challenge the economic hegemony of the US in the management of global economic order. Though, initially BRIC was concerned with economic issues related to mutual cooperation and management of global financial affairs, yet later its deliberations have extended to cover political issues also.