BRICs

BRICS is an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. The acronym BRIC referred to the first four countries; South Africa was added in 2010, and the group adopted the updated name BRICS. The concept originated in the early 2000s, popularized by economist Jim O’Neill to highlight economies expected to drive global growth. The grouping operates as a forum for cooperation on economic, political, and development issues rather than a formal economic bloc.

Historically, the first BRIC summit was held in 2009 in Yekaterinburg, Russia. Since 2010, annual BRICS summits have brought together heads of state or government and ministers, with rotating presidency among member countries. The BRICS infrastructure and development agenda has been reinforced by two key institutions established in the 2010s: the New Development Bank (NDB), headquartered in Shanghai and established in 2014 to mobilize resources for infrastructure and sustainable development in BRICS and other emerging economies; and the Contingent Reserve Arrangement (CRA), created in 2015 to provide liquidity support with a pool of up to $100 billion.

Aims and activities center on promoting economic development, trade, investment, and reform of global governance to reflect rising economies. BRICS also pursues strategic cooperation on a wide range of issues, including energy, finance, technology, and climate, and it seeks to expand dialogue with other emerging economies through BRICS Plus processes. The group is often viewed as a platform for coordination rather than a formal, centralized decision-making body.

Impact and limitations: BRICS accounts for a substantial share of global population and a growing influence in international affairs, though member differences and divergent national interests can limit policy coherence and action.