The abbreviation BRICS stands for Brazil, Russia, India, China, and South Africa, a grouping of the world's leading emerging economies. British economist Jim O'Neill coined the term to describe the four growing economies of Brazil, Russia, India, and China. The organisation was formally established at the inaugural meeting of BRIC Foreign Ministers in 2006 at the United Nations General Assembly and later South Africa was asked to join in December 2010, after which the abbrevi