BRICS: An Introduction

What is BRICS?

The abbreviation BRICS stands for Brazil, Russia, India, China and South Africa, a grouping of the world's leading emerging economies. The British economist Jim O'Neill, then at Goldman Sachs, coined the original term in 2001 to describe four fast-growing economies: Brazil, Russia, India and China.

The grouping took formal shape at the first meeting of BRIC foreign ministers in 2006, held on the sidelines of the United Nations General Assembly. South Africa was invited to join in December 2010, and from then on the acronym became BRICS.

Together the original five members brought some of the world's most populous developing countries into one forum. As a bloc they accounted for roughly 41% of the global population, 24% of global GDP and 16% of world trade.

The chairmanship of the forum rotates every year among the members, following the order of the letters B, R, I, C, S. India, for example, chaired BRICS in 2021.

At the Sixth BRICS Summit in Fortaleza, Brazil, in 2014, the leaders signed the agreement that created the New Development Bank, which is headquartered in Shanghai, China. They also set up the BRICS Contingent Reserve Arrangement, a pool of funds that offers members short-term financial support. If you are building a picture of how countries cooperate on the world stage, it helps to read BRICS alongside our other notes on international relations.

History and evolution

The idea began with the Goldman Sachs economist Jim O'Neill, who proposed the BRIC concept in 2001 in the firm's Global Economics Paper No. 66, titled "The World Needs Better Economic BRICs".

The first formal BRIC summit was held in 2009 in Yekaterinburg, Russia. On 21 September 2010, meeting in New York, the BRIC foreign ministers agreed that South Africa could be invited to join, which turned BRIC into BRICS.

The three pillars of BRICS

BRICS cooperation is usually described as resting on three pillars.

• Political and security: greater dialogue on global and regional security, world political developments, and reform of international institutions so that they suit the twenty-first century. Cooperation against terrorism and its financing is a key part of this pillar.
• Economic and financial: deeper cooperation in trade, agriculture, infrastructure, small and medium enterprises, energy, finance and banking, aimed at shared growth. This pillar also links BRICS work to the United Nations Sustainable Development Goals.
• Cultural and people-to-people exchanges: stronger contact between citizens through culture, academia, youth, sport and business, including exchanges between lawmakers and young scientists.

The potential of BRICS

The importance of BRICS has grown over the years. Many see the forum as a way to push the world economy towards development and shared prosperity. The main arguments in its favour include the following.

• Cooperation is meant to benefit not only the members but the wider global economy, and by the bloc's own estimates BRICS countries have contributed a large share of recent global growth.
• BRICS places a high value on development. Member cooperation has widened over the years to cover trade, banking, taxation, customs, public health, science and technology, agriculture and culture.
• BRICS says it wants a more democratic and balanced international system rather than tearing down the existing one. All the members also sit in the G20, the main forum for discussing the world economy.
• Because of their size, economic weight and wish for a stronger political voice, the BRICS economies are in an unusual position to shape global debates.

Limitations

BRICS is far from perfect. Its members have not yet taken on a role in global economic governance that fully matches their economic weight, and the group faces several challenges.

• China's dominance: China's economy is larger than those of all the other members put together, and it is the biggest trading partner of most of them. The remaining members, by contrast, trade relatively little with one another.
• Political mistrust: relations between members are not always friendly. The clearest divide is between India and China, followed by tensions between Russia and China, so disagreements on specific political and trade issues do arise.
• A regional focus: the members are spread across different regions with limited overlap, which makes it harder to agree on a shared agenda.
• Limited rule-making power: the group is still building its ability to shape international rules and decisions. Progress is being made, but it will take time.

The 13th BRICS Summit in 2021 was chaired by India and held virtually, with Prime Minister Narendra Modi presiding. India chose the theme "BRICS@15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus".

Important developments at BRICS summits

Yekaterinburg Summit (2009): held during the global financial crisis, this first summit focused on repairing the world financial situation and reforming financial institutions. The members raised, for the first time, the idea of a new global reserve currency.

Brasilia Summit (2010): South Africa formally joined, giving the group its current name of BRICS. Leaders discussed issues from Iran's nuclear programme to the financial crisis, and their development banks signed a memorandum of cooperation.

Sanya Summit (2011): the Sanya Declaration called for reform of the UN Security Council. Members also decided to move some bilateral trade towards their own national currencies rather than the US dollar.

New Delhi Summit (2012): the Delhi Declaration set out the members' roles in global affairs. India proposed a New Development Bank to fund projects in developing countries, described as a BRICS-led South-South development bank.

From 2012 the members also began planning the BRICS Cable, an undersea optical-fibre system meant to carry communications between the countries.

Durban Summit (2013): the fifth summit, and the first held on African soil, under the theme "BRICS and Africa: Partnership for Development, Integration and Industrialisation". It closed the first full cycle of summits and produced the eThekwini Declaration and Action Plan. At Durban the leaders agreed to:

• create the New Development Bank, with the agreement formally signed at the Fortaleza summit in 2014;
• set up the Contingent Reserve Arrangement, starting with a fund of 100 billion US dollars, to help members handle short-term liquidity pressures;
• establish the BRICS Business Council and the BRICS Think Tanks Council;
• commit to long-term infrastructure, industry, jobs, skills and food security, including support for peace and security in Africa;
• press for reform of the International Monetary Fund so that it better reflects the weight of developing countries.

Goa Summit (2016): members agreed to set up an Agriculture Research Platform and began discussing a Railway Research Network. Plans for a BRICS credit rating agency were considered but put on hold.

Why it still matters

These notes describe BRICS when it had five members. Since then the group has changed a great deal, and it is worth knowing where things stand now.

In January 2024 BRICS roughly doubled in size. Egypt, Ethiopia, Iran and the United Arab Emirates formally joined the bloc. Saudi Arabia was also invited but has not publicly confirmed that it has taken up membership. Then, at the 17th BRICS Summit in Rio de Janeiro, Brazil, in July 2025, Indonesia joined as a full member, taking the count to eleven. The same summit created a new outer ring of partner countries, including Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam.

The enlarged bloc is now home to close to half of the world's population, which is why it is watched so closely in debates about a more multipolar world. A live question is whether members can agree on big ideas such as trading more in their own currencies instead of the US dollar, a debate you will often see described as de-dollarisation.

This is not distant history. India holds the BRICS chairmanship in 2026, its fourth turn after 2012, 2016 and 2021, and is hosting the 18th BRICS Summit in New Delhi on 12 and 13 September 2026 at the Bharat Mandapam. India's theme for the year is "Building for Resilience, Innovation, Cooperation and Sustainability", and 2026 marks two decades since the grouping first met. When you read the news this month, you are watching the next chapter of the story these notes began.

Want to see how this topic connects to careers, world affairs and other subjects? Explore it on the Learnacy Hub, or browse more study notes in our resources library.

Conclusion

The New Development Bank and the Contingent Reserve Arrangement are the most practical results of the BRICS summits. Other bodies include the BRICS Think Tanks Council, launched in 2013, and the BRICS Economic Research Group, which brings together economists and editors to study economic links and shared development challenges within and beyond BRICS. Whether the enlarged group can turn its size into real influence is one of the defining questions of world affairs today.

Sources

1. 18th BRICS Summit, New Delhi, 12 to 13 September 2026 (Wikipedia)
2. Indonesia joins BRICS as full member, ten partner countries welcomed (DD News)
3. The significance of BRICS enlargement (Al Jazeera)

Key takeaways

• BRICS stands for Brazil, Russia, India, China, and South Africa, a grouping of the world's leading emerging economies formed by the addition of South Africa in 2010
• The original BRIC term was coined in 2001 by Goldman Sachs economist Jim O'Neill to describe four fast-growing economies
• As a bloc, the five original members accounted for roughly 41% of the global population, 24% of global GDP, and 16% of world trade
• BRICS cooperation rests on three pillars: political and security, economic and financial, and cultural and people-to-people exchanges
• Key limitations include China's economic dominance, political tensions between members (especially India-China), and limited rule-making power in international institutions

Test yourself

When was the New Development Bank created and where is it headquartered?

The New Development Bank was created at the Sixth BRICS Summit in Fortaleza, Brazil, in 2014 and is headquartered in Shanghai, China.

What are the three pillars of BRICS cooperation?

The three pillars of BRICS cooperation are political and security (including dialogue on global security and reform of international institutions), economic and financial (trade, agriculture, infrastructure, energy, finance), and cultural and people-to-people exchanges.

When and where was the first formal BRIC summit held?

The first formal BRIC summit was held in 2009 in Yekaterinburg, Russia.

Frequently asked questions

What does the acronym BRICS stand for and how did it originate?

BRICS stands for Brazil, Russia, India, China, and South Africa. The term was coined in 2001 by British economist Jim O'Neill to describe four fast-growing economies—Brazil, Russia, India, and China—before South Africa joined in 2010.

How does BRICS function as an organization?

BRICS operates as a forum where member countries take turns holding the chairmanship annually in the order B, R, I, C, S. It formalized through summits and ministerial meetings, with decisions made collectively rather than through a rigid hierarchy.

What are the three pillars of BRICS cooperation?

The three pillars are political and security cooperation (e.g., dialogue on global security and counter-terrorism), economic and financial cooperation (e.g., trade, infrastructure, and banking), and cultural and people-to-people exchanges (e.g., youth programs and academic collaborations).

Why is the New Development Bank significant for BRICS members?

The New Development Bank, established at the 2014 Fortaleza Summit, provides financial support for development projects among member countries, reducing reliance on institutions like the IMF or World Bank.