BRICS IN CONTEMPORARY GLOBAL ECONOMIC RELATIONS: HISTORY, ACHIEVEMENTS, AND CHALLENGES

Crnić Maja (OutsourceInsuranceProfessionals (OIP), Beograd), majacrnic89@gmail.com
Stefanović Andrej (Ministarstvo spoljnih poslova, Beograd), andrejstef89@gmail.com

The authors outline the role of BRICS in contemporary global relations, i.e. global relations at the beginning of the XXI century. The paper covers the entirety of the BRICS life cycle to date. It starts with the conception of the very term and concept, then examines practical linking between the BRICS countries and the establishment of permanent structures of cooperation, all the way to the newest challenges of institutionalization of this group. In conclusion, the authors explore the different possibilities of defining BRICS in the light of the latest trends in global relations.

Keywords: BRIC, BRICS, Brazil, Russia, India, China, South Africa, global relations, international politics, institutionalisation, strategic partnership