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Economy

BRICS leaders search for meaning amid global slowdown

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Leaders of the BRICS countries gather at the BRICS summit in Goa, India, on Oct.15.   © Reuters

GOA, India Leaders of BRICS, a grouping of five emerging countries that once held out great hopes for the global economy, met in this resort state in western India on Oct. 15-16 amid lingering questions over the group's continuing relevance.

Five economies -- Brazil, Russia, India, China and South Africa -- make up the acronym. When it came into being, BRICS was expected to bring about a new world order balancing the developing world's economic interests with advanced countries of the West, and help negotiate fair deals at multilateral forums.

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