Economist who coined the term still confident in emerging economies

A BRICS Bank could help foster even more trade between the countries involved, said Jim O'Neill, chairman of Goldman Sachs Asset Management.

O'Neill, also known as Mr BRICS, coined the acronym BRIC in 2001 to refer to the developing nations Brazil, Russia, India and China. In 2006, BRIC was formalized at the initiative of Russia and enlarged in 2011 with the addition of South Africa.