The measures coincide with a slowing of economic growth in the five countries.
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Leaders of the five BRICS nations agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. Brazil, Russia and South Africa were also granted posts or units in the new bank. Until the eve of the summit, India and South Africa had vied with China to host the headquarters of the bank, dubbed the New Development Bank.The BRICS have evolved from the original term coined in 2001 by then Goldman Sachs Group Inc. economist Jim O'Neill to describe the growing weight of the largest emerging markets in the global economy.The biggest winner among the BRICS and its newly created bank may be South Africa, as it stands to gain financial expertise, investment and trade, said Colin Coleman, the Johannesburg-based head of Goldman Sachs Group Inc. in sub-Saharan Africa, who attended the BRICS Business Council meeting.BRICS share of world exports rose to 16 percent in 2011, from 8 percent in 2001 .
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