What is BRICS?
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BRICS is an intergovernmental organization comprising 11 major emerging economies: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates. Originally coined in 2001 by Goldman Sachs economist Jim O'Neill as an investment thesis for four rapidly growing nations (BRIC), it evolved into a formal diplomatic bloc with its first summit in 2009 in Yekaterinburg, Russia, aiming to enhance economic cooperation and challenge Western-dominated global institutions.
Purpose and Structure: The group seeks to reform international financial governance (such as the IMF and World Bank), promote trade in local currencies to reduce reliance on the US dollar, and fund infrastructure projects through the New Development Bank (NDB). It operates via an annual rotating presidency and holds over 100 meetings yearly across various sectors including finance, health, and security.
Expansion and Influence: BRICS expanded significantly in 2024 and 2025, adding new full members and introducing a "partner country" category that includes nations like Belarus, Vietnam, and Nigeria. Collectively, the bloc represents approximately 49% of the world's population and accounts for roughly 39% of global GDP, positioning itself as a significant counterbalance to the G7.
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Thursday, June 25, 2026 10:02AM
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