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 to promote economic cooperation, strengthen the Global South's voice, and act as a counterweight to Western-led global institutions. BRICS expanded in 2024-2025, adding members such as Egypt, Ethiopia, Iran, Saudi Arabia, the 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".  In 2026, India assumed the BRICS Chairship for the fourth time and hosted the 18th BRICS Summit in New Delhi on 12-13'th September 2026. India’s Chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability. 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. 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 to strengthen 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 the war in 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 to drastically reduce reliance through economic, geopolitical, and financial frameworks.

4. Financial Autonomy

BRICS aims to reduce 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 to protect 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 to collaborate 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.

18th BRICS Summit

In 2026, India assumed the BRICS Chairship for the fourth time and hosted the 18th BRICS Summit in New Delhi on 12-13 September. India’s Chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” The summit concluded with the unanimous adoption of the New Delhi Declaration.

Key Outcomes of the 2026 BRICS Summit

The 18th BRICS summit concluded with the unanimous adoption of the 140-point New Delhi Declaration, demonstrating rare consensus among an expanded bloc amidst global economic and geopolitical uncertainty. Key points of the New Delhi Declaration:-

Urgent Reform of Global Governance 

The Declaration emphasised reform of global governance institutions and greater representation of developing countries. India also proposed a 3R framework—Representation, Responsiveness and Rule-making for global governance reform.

 

Financial and Economic Cooperation 

BRICS strengthened financial cooperation through cross-border payment mechanisms, local-currency settlements and reforms to the Contingent Reserve Arrangement (CRA). It also proposed the BRICS Risk Lab at GIFT City and welcomed the Jaipur Consensus on invoice discounting to improve MSME access to working capital. 

Technology and Digital Cooperation

The Declaration promoted technological cooperation through expansion of the BRICS Remote Sensing Satellite Constellation, Digital Public Infrastructure (DPI) Repository and GRAIN network. It also focused on smart grids, startups and resilient digital connectivity.

Climate, Transport and Resilience 

BRICS adopted measures for resilient supply chains and global value chains, including the GVC Action Plan 2026–2030. It also promoted sustainable aviation, urban mobility, climate-resilient infrastructure and wildfire preparedness. 

Agriculture and Food Security 

BRICS advanced cooperation in food security through the proposed BRICS Grain Exchange, the AGRIN network, farmers' rights initiatives and Centres of Excellence for agroecology and regenerative agriculture. 

Health Cooperation 

The Declaration endorsed the BRICS Mission for Healthy Lifestyle (2026–2029) and promoted cooperation in mental health, traditional medicine and healthcare innovation for the Global South 

Future Chairship

China will host the 19th BRICS Summit in 2027, ensuring continuity in implementing the New Delhi Declaration.

Conclusion

BRICS represents major leading economies such as Brazil, Russia, India, China, and South Africa. The organization 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 deeper cooperation with emerging economies.