What Happened to BRICS?

The concept of BRIC (Brazil, Russia, India, and China) was first coined in 2001 by Goldman Sachs economist Jim O'Neill, who identified these rapidly growing economies as having the potential to significantly impact the global economy by 2050. The four nations began informal diplomatic coordination in 2006, holding their first foreign ministers' meeting on the sidelines of the UN General Assembly. The inaugural BRIC Summit took place in Yekaterinburg, Russia, in June 2009, focusing on global economic reform in the wake of the Great Recession.

A key turning point occurred in 2010 when South Africa was invited to join, officially becoming a member in 2011, thus transforming the group into BRICS. This expansion marked the beginning of BRICS's evolution from an economic concept to a more formal intergovernmental organization, aiming to coordinate economic and diplomatic policies and establish new financial institutions to counterbalance Western-dominated global institutions like the IMF and World Bank. The establishment of the New Development Bank (NDB) in 2014, headquartered in Shanghai, was a significant step towards this goal, providing an alternative for financing infrastructure and sustainable development projects.

The most substantial expansion phase began at the 15th BRICS Summit in Johannesburg in August 2023, where invitations were extended to six new countries. On January 1, 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially joined as full members. While Saudi Arabia was also invited, its formal acceptance was initially inconsistent in reports, but by 2026, it is consistently listed as a full member. Argentina, initially invited, withdrew its application following a change in government. Indonesia formally joined in January 2025, bringing the total number of full members to eleven.

Further broadening its reach, the 16th BRICS Summit in Kazan, Russia, in October 2024, introduced a 'Partner Country' category. Ten countries—Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam—joined this framework in 2025, allowing them to engage with BRICS initiatives without full membership. This expansion has significantly increased BRICS's demographic and economic weight, with the expanded group accounting for approximately 49.5% of the world's population and 40% of global GDP. However, this growth also brings challenges, including managing diverse geopolitical interests and defining the bloc's role amidst global uncertainties.

As of September 2026, India holds the BRICS Chairship for the fourth time, guiding the bloc under the theme "Building for Resilience, Innovation, Cooperation and Sustainability." The 18th BRICS Summit is currently underway in New Delhi on September 12-13, 2026. Key agenda items include strengthening economic cooperation, promoting the use of local currencies in trade, improving cross-border payment systems, and advocating for reforms in international institutions to give developing countries a stronger voice. Discussions also cover climate action, green finance, energy transitions, and digital public infrastructure, reflecting a broader focus on sustainable and inclusive development for the Global South.