With reference to a grouping of countries known as BRICS, consider the following statements:
1. The First Summit of BRICS was held in Rio de Janeiro in 2009.
2. South Africa was the last to join the BRICS grouping.
Which of the statements given above is / are correct?(2014)
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer : B
BRICS is an acronym for Brazil, Russia, India, China, and South Africa. Goldman Sachs economist Jim O’Neill coined the term BRIC (without South Africa) in 2001, claiming that by 2050 the four BRIC economies would come to dominate the global economy by 2050. South Africa was added to the list in 2010.
After a series of high level meetings, the 1st BRIC summit was held in Yekaterinburg, Russia on 16 June 2009.