Bhaso Ndzendze and Siphamandla Zondi
Eager to escape perceived western domination, several countries – mostly in the global south – are looking to join the Brics bloc. The five-country bloc (Brazil, Russia, India, China and South Africa) is also looking to grow its global partnerships.
What began in 2001 as an acronym for four of the fastest growing states, BRIC (Brazil, Russia, India and China), is projected to account for 45% of global GDP in purchasing power parity terms by 2030. It has evolved into a political formation as well.
Crucial to this was these countries’ decision to form their own club in 2009, instead of joining an expanded G7 as envisioned by former Goldman Sachs CEO Jim O’Neill, who coined the term “Bric”. Internal cohesion on key issues has emerged and continues to be refined, despite challenges.
South Africa joined the group after a Chinese-initiated invitation in 2010; a
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