BRICS consists of Brazil, Russia, India, China and South Africa, with the name formed by the initials of the five emerging economies. It was known as BRIC before South Africa joined the group in 2010.
The BRICS countries make up about 42 percent of the world's total population, 20 percent of the global economic output and 15 percent of world trade.
"The fact that these countries have come together to exchange ideas is already a great step forward compared with the lack of coordination among emerging economies two decades ago," Elias Jabbour, author of several books on China, told Xinhua.
Despite their similar economic conditions, the member countries also have some differences and disputes between them, such as trade frictions, noted the writer.
Jabbour suggested that the BRICS countries make compromises and take coordinated actions in their efforts to accomplish their shared strategic goals.
Meanwhile, significant consensus exists among the member countries on issues like the reform of the international financial system, and such consensus should be consolidated, the scholar added.
--IANS (Posted on 27-03-2013)