SEOUL — Russian President Dmitry Medvedev indicated Friday BRIC could soon become BRICSA after member states reacted “positively” to an application by South Africa to join the group of emerging economies. “Perhaps you heard that there are a number of requests to join BRIC, in particular a request from South Africa,” Medvedev told reporters at the close of the G-20 summit in Seoul. “On the whole we perceive such requests positively. Today this is the united position of all BRIC country members.”
BRIC, a term coined by Goldman Sachs economist Jim O’Neill in 2001 to describe the growing influence of large emerging economies, accounted for about half of global economic growth between 2000 and 2008. The four countries — Brazil, Russia, India and China — will account for 61 percent of global growth in 2014, according to the International Monetary Fund.
The countries are not formally linked but have held summits and taken steps to boost financial cooperation and investment opportunities among them.
BRIC held its first formal summit in Russia last year.
South Africa, whose economy is about one-fourth the size of India’s, has been lobbying heavily to be admitted to the club.