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BRICS Expands From Economic Concept Into Global Power Bloc
BRICS began as an idea about four fast-growing countries: Brazil, Russia, India, and China.
Economist Jim O’Neill gave them the name BRIC in 2001.
The countries began meeting and held their first leaders’ summit in 2009.
South Africa joined in 2010, adding the letter S. Since then, more countries have joined, and BRICS now has 10 members.
The group wants developing countries to have a stronger voice in world affairs.
It has created a development bank and other financial tools to help members rely less on Western institutions.
Some countries have joined or become partners, but others, including Argentina and reportedly Turkey, have not entered the group.
India assumed the BRICS chair on January 1, 2026, ahead of its September 12-13 summit in New Delhi.
The grouping grew from the four-country BRIC concept coined by Goldman Sachs economist Jim O’Neill in 2001.
BRICS now has 10 members and represents about 49% of the world’s population and 40% of global GDP by purchasing power parity.
The bloc promotes a more multipolar world and has created financial institutions intended to reduce reliance on Western-led systems.
Saudi Arabia’s membership remains unclear, while Turkey’s reported bid was blocked and Argentina withdrew its application in 2023.
- Who
- India and the other BRICS members, originally Brazil, Russia, India and China, later joined by South Africa and additional countries.
- What
- BRICS has developed from an economic label into an expanded international cooperation bloc with financial and geopolitical ambitions.
- Where
- The 2026 summit will be held in New Delhi, India; the first BRICS summit took place in Yekaterinburg, Russia.
- When
- The BRIC term was coined in 2001; the first summit was held in 2009; South Africa joined in 2010; India assumed the 2026 chair on January 1 and will host the summit on September 12-13.
- Why
- Members seek greater cooperation, a more multipolar world, a stronger voice for developing nations, and less dependence on Western-led financial systems.
Key facts
- Current members
- Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia
- Population share
- About 49% of the world’s population
- Economic share
- About 40% of global GDP on a purchasing power parity basis
- India’s BRICS exports
- Exports rose 48.8%, from USD 64.3 billion to USD 95.7 billion
- India’s chairship
- Began January 1, 2026, under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”
- Key institutions
- The New Development Bank and a financial safety mechanism for economic crises
- Saudi Arabia’s status
- Saudi Arabia was expected to join in 2024, but has not made a final decision; the BRICS website still lists it as a member
Sources
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