BRICS-ASEAN Chamber of Commerce
"BRICS" is the acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa.
The term was originally coined in 2001 as "BRIC" by the Goldman Sachs economist Jim O'Neill in his report, Building Better Global Economic BRICs (Global Economics Paper No: 66). South Africa came in later. Collectively their economic performance has raised concerns regarding their impact on the global economy. Foreign ministers of these countries began meeting informally in 2006, which led to more formal annual summits beginning in 2009.
Together these emerging markets represent 42% of the world population and account for over 31% of the world's GDP according to the World Bank. The BRICS members are known for their significant influence on regional affairs; all are members of G20. Four out of five members (excluding South Africa at #24) were in the top 10 of the world by population. As of 2018, these five nations had a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, a combined GDP (PPP) of around US$40.55 trillion (32% of World's GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves.
At ‘BRICS-ASEAN Chamber of Commerce’ we serve as a bridge between the nations of BRICS and ASEAN countries. We feel that there could be a strategic alliance developed for BRICS nation to play a part in developing ASEAN economy. From sharing and exchanging of resources, trade, investment, technology transfer and business opportunities to partnerships in creating win-win cooperation.
Post Covid-19 when the global economies glooms into darkness with many uncertainties, a partnership with BRICS is deemed tactical and the right cause of action for ASEAN economies. From improving traditional markets to exploring non-traditional markets. From creating trading partnership to joint ventures. From technology and technical transfers to human capital development. We feel BRICS-ASEAN has the right equation for wealth creation, wealth acceleration and wealth sharing. BRICS-ASEAN Chambers of Commerce is therefore an opportunity center in bridging business, trade, investment and strategic partnership. We aim to be the catalyst in igniting ideas, innovation and opportunities.
Welcome to our new world of endless opportunities and possibilities