BRICS-Lawyers' Guide to Global Cooperation

"The term 'BRICS' is an acronym made from the initials of the five countries of Brazil, Russia, India, China and South Africa. The concept was originally coined in 2001 as 'BRIC' in the context of an economic report. Eight years later, the first BRIC Summit, attended by the leaders of the four countries, was held in Yekaterinburg (Russia). Having been joined by South Africa in 2011, the BRICS evolved from an idea drawn from an economic viewpoint to their later establishment as a 'dialogue and cooperation platform' in political terms. Initially, the BRICS were hailed as an emerging driver of global change due to their strong economic growth in the aftermath of the financial crisis. More recently, their relative diversity, as well as the internal political problems faced by the BRICS countries, led to increasing doubts about their ability to have a lasting impact on the governance of global affairs. In short, the relatively young history of the BRICS displays the complex interplay between economic and political factors, which are both subject to fluctuations in accordance with the tides of change. Scholarship and academic debate so far have also reflected these changes from either an