What is it?
See BRIC in the Cambridge Business English Dictionary.
BRICs is an acronym for Brazil, Russia, India, and China, used especially to refer to the fast-growing economies of these countries.* It seems that the first use of the term appeared in a Goldman Sachs report in 2003 which at the time speculated that by 2005 these countries would be major economic powers and be weathlier than countries which held this position at the time. The theory went on to expalin that India and China were on their way to becoming the major global suppliers of manufactured goods and services and Brazil and Russia would take the lead as the major global suppliers of raw materials. When the term was first suggested, they were not considered to be a unified political alliance although they have recently met in New Delhi in a summit. Since the term was coined, South Africa has joined the group as well.
Why is it in the news?
The summit held in Delhi at the end of March 2012 saw these five countries coming together to propose an alternative to the World Bank. As they already account for 28% of the global economy and are still expected to grow, a meeting between them has become important news. The five countries discussed an idea to set up a South-South development bank and to look into trade agreements among themselves.
How can I use it in class?
Write the two acronyms on the board: BRICs and BRICS and ask students if they know what they mean. Explain that the first one includes Brazil, Russia, India and China and the ‘s’ makes the expression plural, The second expression uses the ‘S’ to refer to South Africa. Find out what students know about these countries and ask if they have been to any of them or have had business dealings with them. If you are teaching in one of the BRICS countries, ask students what they know about the other countries in the group. Discuss the information above with students and encourage discussion on the idea of these countries working together more closely.
Replace the underlined words in the sentences with the words below.
1 The Brics group are proposing an alternative to the World Bank.
Ask students to read the article ‘Brics summit of emerging nations to explore bank plan and to find the vocabulary from the exercise in the article. Clarify any other vocabulary questions.
Where can I read about it?
1 a different option, 2 ties, 3 during, 4 group, 5 power, 6 said they were worried about, 7 made successful, 8 financial assets, 9 to be able to get, 10 risk management system, 11 agree on policies, 12 hampering
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