Jim O’Neill on the outcome of the BRICS summit

BRICS

The sixth BRICS summit concluded last Tuesday in Fortaleza, Brazil after passing a number of resolutions and declarations.

The Summit adopted the Fortaleza Declaration and Action Plan, the Agreement on the New Development Bank, the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement and agreements among BRICS Development Banks and Export Credit Insurance Agencies. Click here to read the documents.

Jim O’Neill, worked for Goldman Sachs Group Inc. from 1995 until 2013.  He was chairman of Goldman Sachs Asset Management, and the firm’s chief economist from 2001 to 2011. Before joining Goldman Sachs, he was head of global research at Swiss Bank Corp.

O’Neill is the creator of the BRIC acronym, which was derived from his thesis that Brazil, Russia, India and China would dominate growth in emerging markets. South Africa joined in 2010 and is the “S” in the current title. O’Neill is a member of the boards of the Brussels-based policy-research centers Itinera Institute and Bruegel. He earned a degree in economics from Sheffield University in 1978 and a doctorate from the University of Surrey in 1982. He lives in London.

CCTV’s Phillip Yin spoke to O’Neill for his reaction to the developments of BRICS.

Part 1:

Jim O'Neill on consumer power in South Africa

That was just part of our fascinating talk with Jim O'Neill. Back in 2001 he was working at Goldman Sachs in their asset management division. He wrote a the paper that laid out the BRIC concept. It was meant as an investment tool, a gimmick for investors. But it turned into so much more. As we wrap up our week of coverage of the BRICS, here's the origins of the acronym, in the words of its creator.

Part 2:

Jim O'Neill on the outcome of the BRICS summit

CCTV's Phillip Yin spoke to O'Neill for his reaction to the developments of BRICS.

Related:

Explainer: What makes the BRICS?

Five things you need to know about the $100 billion BRICS bank

CCTV America’s coverage of the 2014 BRICS summit

The summits, by year:

  1. 2009
  2. 2010
  3. 2011
  4. 2012
  5. 2013
  6. 2014