Consider the following statements regarding BRICS 1 The acronym BRIC was first used in 2001 by Goldm...........

International Affairs Other Regional Groupings

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Consider the following statements regarding BRICS:

1) The acronym BRIC was first used in 2001 by Goldman Sachs

2) 1st BRIC Summit was held in Yekaterinburg.

Which of the statements given above is/are correct:

1 only

2 only

Both

None

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Explanation:

Both the statements are correct.
BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members.[5] Since 2009, the BRICS nations have met annually at formal summits. China will host the 9th BRICS summit in Xiamen on September 3rd, 4th and 5th, 2017.