BRICS is an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The idea of BRIC was given by Goldman Sachs in 2001. 'BRICS' was actually 'BRIC' before South Africa joined in 2010. All the BRICS nations are developing or newly industrialized countries having a strong hold in regional as well as global affairs. It's first meeting was held at New York in 2006. The first standalone summit of BRIC took place at Yekaterinburg in Russia in 2009. It was at Sanya, that 'BRIC' became 'BRICS' with the induction of South Africa.
To work together through global issues like climate change, global terrorism, food and energy security, financial situations e.t.c. There is also co-operation among these countries in areas of security, finance, business, agriculture, health, culture,sports and science. At present, BRICS account for almost half of world’s foreign direct investments and half of world’s population. As a percentage share of the world’s GDP, their combined GDP is expected to rise from 17 per cent of the world in 2010 to 47 per cent by 2030.