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BRICS

This article is about the intergovernmental organization. For the investment grouping, see BRIC (economics term). For other uses, see BRICS (disambiguation).

BRICS[1]
Brazil • Russia • India • China • South Africa
Named afterFirst five member states' initials in English
Predecessor2024 BRICS Summit, Russia
Successor2025 BRICS Summit, Brazil
Formation
  • 16 June 2009 (2009-06-16)
Founded at
TypeIntergovernmental organization
PurposePolitical and economical
FieldsInternational politics
Membership Brazil
 Russia
 India
 People's Republic of China
 South Africa
 Egypt
 Ethiopia
 Indonesia
 Iran
 United Arab Emirates
Chairman (Incumbent)
Brazil Luiz Inácio Lula da Silva, President of Brazil
Formerly called
BRIC

BRICS is an intergovernmental organization comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. The idea of a BRICS-like group can be traced back to Russian Foreign Minister Yevgeny Primakov and to the two forums RIC (Russia, India, China) and IBSA (India, Brazil, South Africa).[2] BRIC was originally a term coined by British economist Jim O'Neill and later championed by his employer Goldman Sachs in 2001 to designate the group of emerging markets.[3][4] The first summit in 2009 featured the founding countries of Brazil, Russia, India, and China, where they adopted the acronym BRIC and formed an informal diplomatic club[5] where their governments could meet annually at formal summits and coordinate multilateral policies.[6][7] In April 2010, South Africa attended the 2nd BRIC summit as a guest. In September 2010 they joined the organization which was then renamed BRICS, and attended the 3rd BRICS summit in 2011 as a full member.[8][9] Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states in 2024 in Russia.[10] Indonesia officially joined as a member state in early 2025, becoming the first Southeast Asian member.[11][12] The acronym BRICS+ (in its expanded form BRICS Plus) has been informally used to reflect new membership since 2024.[10][13][14]

China has the largest economy in the group accounting to about 70% of the organization total.[13] Some in the West consider BRICS institutions an alternative to institutions such as those led by nations of the G7 bloc, which are among the world's leading economies.[13] Others describe the grouping as an incoherent joining of countries around increasing anti-Western and anti-American objectives.[15] Together BRICS has implemented competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS PAY, the BRICS Joint Statistical Publication[16] and the BRICS basket reserve currency.[17] In its first 15 years BRICS has established almost 60 intra-group institutions, and think tanks to dialogues, covering agenda in 34 subjects.[18] The original five members and Indonesia are also part of the G20. BRICS has received both praise and criticism from numerous commentators and world leaders.[19][20][21][22][23][24]

  1. ^ Staff writer (2024). "BRICS". UIA Global Civil Society Database. uia.org. Brussels, Belgium: Union of International Associations. Yearbook of International Organizations Online. Retrieved 24 December 2024.
  2. ^ Patnaik, Ajay K. (2023). "3. Evolution of BRICS. History and Politics". In Raman, G. Venkat; Sundriyal, Meenakshi; Mehra, Meeta Keswani; Kumar, Rajan (eds.). Locating BRICS in the Global Order. Perspectives from the Global South. Taylor & Francis. ISBN 9781000738766.
  3. ^ Foroohar, Rana (10 November 2015). "Why the Mighty BRIC Nations Have Finally Broken". Archived from the original on 20 December 2016. Retrieved 17 February 2025.
  4. ^ Xie, Ye (8 November 2015). "Goldman's BRIC Era Ends as Fund Folds After Years of Losses". Bloomberg L.P. Archived from the original on 31 January 2023. Retrieved 10 November 2022.
  5. ^ Cooper, Andrew Fenton (2016). The BRICS: A Very Short Introduction. Oxford University Press. ISBN 978-0-19-872339-4.
  6. ^ Curtis, John (11 November 2024). "The BRICS group: Overview and recent expansion" (PDF). House of Commons Library, UK Parliament. Research Briefing.
  7. ^ Ndzendze, Bhaso (24 August 2023). "Brics expansion: six more nations are set to join – what they're buying into". The Conversation. Retrieved 18 January 2025.
  8. ^ "What is BRICS, which countries want to join and why?". Reuters. 22 August 2023. Archived from the original on 18 November 2023. Retrieved 8 February 2024.
  9. ^ Stuenkel, Oliver (2020). The BRICS and the Future of Global Order (2 ed.). Lexington Books. p. 1. ISBN 978-0739193211.
  10. ^ a b Cite error: The named reference GI was invoked but never defined (see the help page).
  11. ^ Cite error: The named reference Reuters-1 was invoked but never defined (see the help page).
  12. ^ "Indonesia joins BRICS group of emerging economies". Al Jazeera. 7 January 2025. Retrieved 7 January 2025.
  13. ^ a b c Patrick, Stewart (9 October 2024). "BRICS Expansion, the G20, and the Future of World Order". Carnegie Endowment for International Peace. Archived from the original on 19 November 2024. Retrieved 24 November 2024.
  14. ^ Tran, Hung (1 November 2024). "The underestimated implications of the BRICS Summit in Russia". Atlantic Council. Retrieved 11 February 2025.
  15. ^ Johnson, Keith (21 October 2024). "Can BRICS Finally Take On the West?". Foreign Policy.
  16. ^ "BRICS Joint Statistical Publications". Federal State Statistics Service. Archived from the original on 17 January 2024.
  17. ^ Raimondi, Paolo (2 September 2023). "BRICS: The role of the unit of account for the new "basket of currencies"". India Foundation. Archived from the original on 4 October 2023.
  18. ^ Kirton, John; Larionova, Marina (2022). "The First Fifteen Years of the BRICS" (PDF). International Organisations Research Journal. 17 (2): 7–30. doi:10.17323/1996-7845-2022-02-01.
  19. ^ "ILO head praises BRICS countries' commitment to social dialogue". ILO. 3 August 2018. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  20. ^ Wolff, Richard D. (3 October 2022). "BRICS: the powerful global alliance". canadiandimension.com. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  21. ^ Maitra, Sumantra (18 April 2013). "BRICS – India is the biggest loser". USINPAC. Archived from the original on 28 October 2013. Retrieved 17 June 2013.
  22. ^ Blakeley, Grace (15 February 2023). "BRIC Nationalism Is No Alternative". Jacobin. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  23. ^ Coughlin, Con (24 August 2023). "Brics is now a motley crew of failing states". The Daily Telegraph. ISSN 0307-1235. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  24. ^ Gallagher, Adam; Cheatham, Andrew (17 October 2024). "What's Driving a Bigger BRICS and What Does it Mean for the U.S.?". United States Institute of Peace. Archived from the original on 6 March 2025. Retrieved 15 January 2025.

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