The BRICS cooperation mechanism has been developing in terms of scope and depth, showcasing its strong vitality, a Russian expert said Tuesday.[Special coverage]
Georgy Toloraya, executive director of the Russian National Committee on BRICS Research, said in an exclusive interview with Xinhua that major advancements under the mechanism include the proposed New Development Bank, a security consultation mechanism, and communication on global financial management.
"It is groundless for some Western countries to think that the BRICS mechanism is already obsolete," he said.
Coined by former Goldman Sachs chief economist Jim O'Neill in 2001 in a paper titled "Building Better Global Economic BRICs," the term "BRIC" was originally an acronym referring to Brazil, Russia, India and China.
In June 2009, leaders from the four countries held their first official meeting in Yekaterinburg, Russia, during which they founded a cooperative mechanism known as BRIC. In 2010, South Africa was officially admitted as a new member of the group, and the acronym was changed to BRICS.
The five countries have been expanding exchanges on both governmental and non-governmental levels, with all parties actively looking for common interests, according to Toloraya.
Leaders of the five nations will meet in the Russian city of Ufa on Wednesday and Thursday to attend the seventh leaders' meeting of the BRICS, which will include a series of meetings to exchange views on cooperation as well as regional and international issues of common concern.
