The association of Brazil, Russia, India, China and South Africa (BRICS
) has been fairly understated but it is nevertheless emerging as a powerful new force in global investment and finance.
After all, while the Brics
still emphasise the importance of multilateralism, it is clear that they are not wedded to the current international order.
association opens opportunities in many areas and adds to the country's economic and political influence part of the weight the other members represent, reason why the group has been a priority in Brazil's foreign policy.
For this reason, Bric
's finds itself imprinted in history as the ambassador of Italian style in the world, where it capitalizes on the potential of the global marketplace and at the same time, staying true to its motto 'Made in Bric
's', which represents the philosophy and culture of 'Made in Italy.'
Despite the achievements the bloc has made, the potential for cooperation has yet to be fully unleashed, Xi said while addressing the opening of the ninth BRICS
summit in the southeastern city of Xiamen.
Compared to the G-7, which is regarded as the elite hegemony of the West, the BRICS
have insisted on three key elements i.e.
* Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the BRIC
electricity retailing market
* Add weight to presentations and pitches by understanding the future growth prospects of the BRIC
Renewable Energy market with five year forecasts
are a heterogeneous coalition of competing nations who share a fundamental political objective: 'to maintain their independence of judgment and national action in a world that is increasingly becoming economically and socially interdependent.' Besides, they aim to 'meet economic needs through infrastructure development, and growth in domestic consumption and trade.'
According to the trade minister of Indonesia, with its large domestic market, stable economic fundamentals and sustainable economic growth, Indonesia has reached the same economic standard of the so called BRIC
countries (Tarmizi, 2013).
Stressing the key role played by BRICS
countries the minister said "BRICS
is a very good platform for all five countries for co-operation and development.