BRIC expands to BRICS

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BRIC, the grouping of the four countries thought to radiate the largest lessons in developing an economy–Brazil, Russia, India and China–has decided to transform itself to BRICS, with the much-awaited induction of South Africa into the cohort, making it more representative. Started in year 2009, the 2011 summit, held in Sanya on south China’s tropical island of Hainan on April 13-15, was the first one for South Africa.