Established in 2009, BRICS is a major intergovernmental organization representing leading emerging economies, such as Brazil, Russia, India, China and South Africa. The concept of BRICS was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe fast-growing economies
BRICS is a major intergovernmental organization representing leading emerging economies such as Brazil, Russia, India, China and South Africa. The BRICS organisation aims at promoting economic cooperation, strengthening the Global South's voice and acting as a counterweight to Western-led global institutions. BRICS expanded in 2024-2025 and it now includes members such as Egypt, Ethiopia, Iran, Saudi Arabia, UAE and Indonesia. The 17th recent BRICS Summit was held in Rio de Janeiro, Brazil, on July 6-7, 2025, and focused on the theme "Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance". The BRICS does not have a main headquarters like the United Nations, but its main institution, the New Development Bank (NDB), is headquartered in Shanghai, China.
What is BRICS?
BRICS is an intergovernmental organization of major emerging economies. The BRICS organisation, originally comprising Brazil, Russia, India, China, and South Africa, was designed to increase geopolitical influence, promote economic cooperation, and act as a counterbalance to Western-dominated institutions. The BRICS represents over 40% of the world's population and 37% of global GDP, aiming to shift global governance toward multipolarity. BRICS has expanded significantly with new members Egypt, Ethiopia, Iran, UAE, and Indonesia joining as full members following expansion rounds in 2024 and 2025.
Full Form and Member Countries of BRICS
BRICS is an intergovernmental organization representing major emerging economies. The BRICS stands for Brazil, Russia, India, China and South Africa. The organisation went through an important 2024 expansion, which led to the introduction of new members. The BRICS now includes 11 full members, such as Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. As of 2026, several countries joined as partner nations of BRICS, including Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan. India hosted the BRICS presidency on January 1, 2026, taking over from Brazil.
History of BRICS
Established in 2009, BRICS is an acronym for major emerging national economies such as Brazil, Russia, India, China and South Africa. The organisation was formed to increase geopolitical and economic cooperation, often acting as a counterweight to Western-dominated institutions. The concept of BRICS was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe fast-growing economies. Let’s take a look at the complete history of BRICS: -
First Meeting
Jim O'Neill coined the concept of ‘BRIC’ in his report Building Better Global Economic BRICs. As per him few nations had the capacity to dominate Globalisation by 2050. The Foreign Ministers of Brazil, Russia, India and China met for the first time during the UN General Assembly in New York.
First Summit
The first official BRICS summit was held on June 16, 2009, in Yekaterinburg, Russia. South Africa was invited to join the summit, and the official name ‘BRIC’ changed to BRICS. The 1st BRICS summit emphasized on strengthening economic, social and institutional resilience.
Financial Institution
The New Development Bank (NDB) was established at the Fortaleza Summit to fund infrastructure projects, providing an alternative to the World Bank and International Monetary Fund. The organisation came up with the Contingent Reserve Arrangement and the New Development Bank.
Expansion
At the 2023 summit, the BRICS invited new members, such as Egypt, Ethiopia, Iran, Saudi Arabia and the UAE to join. The BRICS organisation also invited Indonesia and other members who were involved in further expansion or partnership roles.
Objectives of BRICS
BRICS aims to promote economic cooperation, global governance reform, establish financial autonomy and establish security & political cooperation. Let’s take a look at the objectives of BRICS: -
1. Economic Cooperation and Development
BRICS aims at strengthening trade, investment and financial linkages among the nations that are its members. This includes the creation of the New Development Bank to support infrastructure projects.
2. Global Governance Reform
BRICS acts as a pressure group to make international financial and political institutions more inclusive, equitable and representative. It frequently calls for diplomatic solutions in global conflicts such as the Gaza war and Ukraine.
3. Promoting a Multipolar World
BRICS challenges the dominance of Western nations and institutions, such as the G7 and UN Security Council, by promoting a more balanced non-Western-centric world order. The organisation aims at drastically reducing reliance through economic, geopolitical and economic frameworks.
4. Financial Autonomy
BRICS aims at reducing reliance on the U.S. dollar by increasing the use of local currencies in trade and strengthening mechanisms like the Contingent Reserve Arrangement. The organisation aims at protecting member economies from sanctions and volatility.
5. Security and Political Cooperation
The 17th BRICS Summit is responsible for fostering dialogue on security issues such as countering terrorism and addressing cyber threats. It regularly holds meetings of foreign ministers, national security advisors and other officials to coordinate positions on key issues.
6. Sustainable Development and Technology
BRICS aims at collaborating on science, technology, innovation, agriculture and health. The BRICS platform for environmentally Sound Technologies was established to share innovations in the green economy and support low-carbon technology transfer.
Conclusion
The BRICS represents major leading economies such as Brazil, Russia, India, China and South Africa. The organisation aims at economic cooperation, global governance reform, financial autonomy, security & political cooperation and sustainable development. Along with the members, the organisation also has partner countries such as Uzbekistan, Uganda, Vietnam, Malaysia, Thailand and Nigeria. The organisation expanded in 2024, which allowed for deepened cooperation with emerging economies.