Question

Please explain in detail

What is "BRICS" and what impacts does it have on international business?

Answer 1

BRICS refers to the acronym constituting of five member countries - Brazil, Russia, Indonesia, China, and South Africa. These are the five very important emerging countries which are increasing reshaping the global economic order. These countries are all set to be the centers of international business. It has become obvious that with the rapid rise of BRICS nations, international business is rapidly shifting from Western nations to these BRICS nations. Therefore, international businesses are increasingly investing in these countries and knowing these markets. The large population, young population and increasing income in these countries have been creating a huge consumer base for international businesses.