Authors: Wang Wei, Edward Lai
The concept of the “BRIC” began to affect the audiences in 2001 when economist Jim O’Neill first used the term referring to the emerging countries like Brazil, China, India and Russia combined. And later it was added with South Africa. The argument go that the relative size and share of the BRICs in the world economy would rise exponentially and gradually imply for the G-7, which is regarded as the economic hegemony of the West, to make a rearrangement of the world order.
With the worsening relations with the United States and Western European countries, Russia is seen broadening it’s economic and trade ties with Asian and African countries.