The BRICS alliance makes no sense at all. So what?

Brazilian President Dilma Rousseff welcomes Indian Prime Minister Narendra Modi upon his arrival to the sixth BRICS summit in Fortaleza, Brazil, on July 15, 2014.

The leaders of the BRICS countries—Brazil, Russia, India, China, and South Africa—are meeting for their sixth annual summit in Fortaleza, Brazil (in case you were wondering what Vladimir Putin was doing at the World Cup final).

The acronym BRIC was coined by Goldman Sachs analyst Jim O’Neill in 2001 to describe the emerging market powers.(South Africa wasn’t included in the original analysis).

Read more: Annual BRICS summit in Brazil: The alliance makes no sense at all. So what?.