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New BRICS Development Bank Announced

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Their "mechanism aims to achieve peace, security, development and cooperation. It also seeks to contribute significantly to the development of humanity and establish a more equitable and fair world."

America's economic supremacy is declining. BRICS countries are some of the world's fastest growing.

They comprise a significant economic and political block. They account for over 20% of world GDP.

They're on three continents. They cover more than one-fourth of the world's land mass.

Their population exceeds 2.8 billion. It's 40% of the world total. By 2020 or earlier, China may become the world's largest economy.

By mid-century or sooner, India's predicted to be number three, Brazil number five and Russia number six.

Between 2000 and 2008, BRICS contributed about half of global growth. In the late 1990s, Russia's debt default and Brazil's currency crisis rocked world economies. Today they have vast foreign exchange reserves.

BRICS have more global trade than America. China's the world's largest exporter. India's an information technology powerhouse. 

Brazil's a dominant agricultural exporter. It's highly competitive. It has vast amounts of fertile land. It's known as "the world's biggest farm." Russia is oil and gas rich. 

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