Algeria Applies for BRICS Membership

  • Recently, Algeria formally applied to join the BRICS group and submitted a request to become a shareholder member of the BRICS Bank.
  • BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
  • In 2001, the British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
  • The grouping was formalised during the first meeting of BRIC Foreign Ministers’ in 2006.
  • South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
  • The BRICS ....
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