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The full form of BRIC is Brazil, Russia, India and China. These countries are a group of developing countries who have achieved major advancements in terms of Economic Development. These countries are on the way to becoming Developing countries. The association was formed in 2001. British Economist Jim O’Neill had coined the term ‘BRIC.’ Its aim is to establish democratic, equitable and multi-polar world order. Every year the BRIC meeting is held in one of the cities of the member countries. Several reports have suggested that members of BRIC will become dominant supplier of manufactured goods and services by 2050.
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