Summary Box: South Africa’s leader says wants to join informal BRIC group of emerging nations
By APWednesday, August 25, 2010
Summary Box: South Africa wants to join BRIC group
IN THE CLUB: South Africa is pushing for membership in BRIC to raise its political and economic clout. The informal grouping of major developing nations including Brazil, Russia, India and China has growing global influence.
WHAT IT IS: The four nations work to boost trade with each other and have called for developing countries to have a bigger role in major global financial decisions, mainly within institutions such as the International Monetary Fund.
WHY IT MATTERS: Some analysts expect the combined BRIC economies to be larger than the Group of Seven developed economies that include the U.S. within 25 years if not sooner, making them the dominant global force in everything from trade to finance.
