Since the term ‘BRIC’ was coined by Jim O’Neill of Goldman Sachs - and initially dismissed by many as mere hype - it has become a ubiquitous financial term. At the time, it was predicted that by 2041 - subsequently revised to 2039, and then to 2032 - Brazil, Russia, India and China would become the future pillars of the 21st century, easily surpassing the six largest western economies.
The ongoing global crisis has forced the world to look for opportunities outside traditional economic strongholds. Meanwhile, the BRICS – now also including South Africa – have evolved as a cohesive bloc with certain common features: a robust banking system, spectacular growth rates, a young population and, for several, mineral wealth. The Chinese economy, at about $5.9 trillion, has become the second largest in the world; at about $2.52 trillion, the Brazilian economy leads the United Kingdom’s ($2.48 trillion). In demographic terms, the BRICS are also home to the world’s two most populous countries.
The BRICS markets will present tremendous growth opportunities in the coming years, and one day might comprise a bloc resembling the European Union - albeit geographically separate. They are now holding formal BRICS summits to discuss a range of issues, including closer cooperation on energy, food production, trade, investment, science, technology and infrastructure.
This new book provides an overview of the BRICS nations. Each chapter is authored by experienced lawyers, who provide insights on demography, political and legal systems (including investment regulations, competition policies, IP laws, taxation and labour laws) in a clear and comprehensive manner. The book serves as a preliminary and practical guide for lawyers, investors, corporations and entrepreneurs regarding the mode and methods of doing business in these jurisdictions.
