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BRICS

Intergovernmental organization

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Its conceptual origins were articulated by Russian foreign minister Yevgeny Primakov in 1998, and can be traced to informal forums and dialogue groups such as RIC (Russia, India, and China) and IBSA (India, Brazil, and South Africa). BRIC was originally a term coined by British economist Jim O'Neill, and later championed by his employer Goldman Sachs in 2001, to designate a group of emerging markets.

The bloc's inaugural summit was held in 2009 and featured the founding countries of Brazil, Russia, India, and China; they adopted the acronym BRIC and formed an informal diplomatic group where their governments could meet annually at formal summits and coordinate multilateral policies. South Africa joined the organization in September 2010, which was then renamed BRICS, and attended the third summit in 2011 as a full member. Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states in 2024 in Russia. Indonesia officially joined in early 2025, becoming the first Southeast Asian member. Saudi Arabia was invited at the Johannesburg summit and it is considered part of the organisation, but has not publicly confirmed its membership. The term BRICS+ has been informally used to reflect new membership since 2024.

Collectively, BRICS comprises more than a quarter of the global economy and nearly half the world's population. The group has established multilateral institutions and financial mechanisms, such as the New Development Bank, the BRICS Contingent Reserve Arrangement, and the BRICS PAY payment platform. It has also promoted de-dollarization initiatives to increase trade settlements in national currencies. Some commentators consider BRICS the alternative to the G7, and a major political force in the global international order. Others describe it as an incoherent affiliation of disparate countries centered on increasing anti-European and anti-American objectives. Nevertheless, all five original members, as well as Indonesia, are also part of the G20. BRICS has received both praise and criticism from numerous commentators and world leaders.

History

Founding

Collective action in the political arena in the late 1990s was present before the economic rationale of BRICS. The idea of a multipolar group like BRICS can be traced back to Yevgeny Primakov during his term as Minister of Foreign Affairs of Russia. He reiterated the idea in New Delhi in 1998. The forums RIC (Russia, India, China) and IBSA (India, Brazil, South Africa) predated and played an important role in the creation of BRIC and subsequently BRICS.

The term BRIC, as compared to the alternate term CRIB, was originally developed in the context of foreign investment strategies. It was introduced in the 2001 publication, Building Better Global Economic BRICs by Jim O'Neill, then head of global economics research at Goldman Sachs and later Chairman of Goldman Sachs Asset Management. O'Neill now regards the BRICS group as a failed project. In a 2021 article for Project Syndicate he wrote that the BRICS countries "have so far proven incapable of uniting as a meaningful global force" and felt in 2024 that "each year also brings further confirmation that the grouping serves no real purpose beyond generating symbolic gestures and lofty rhetoric".

The foreign ministers of the initial four BRIC states (Brazil, Russia, India, and China) met in New York City in September 2006 at the margins of the General Debate of the UN Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009.

The BRIC group's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the respective leaders of Brazil, Russia, India, and China, all attending. The summit's focus was on improving the global economic situation and reforming financial institutions amid the Great Recession. There was also discussion of how the four countries could better cooperate in the future, and ways developing countries, such as three-fourths of the BRIC members, could become more involved in global affairs.

In the aftermath of the 2009 Yekaterinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be "diverse, stable and predictable". Although their statement did not directly criticize the perceived dominance of the US dollar (as Russia had in the past) it did spark a fall in the value of the dollar against other major currencies.

2010 expansion

In 2010, South Africa began efforts to join BRIC, and the process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010 after being formally invited by China, and was subsequently accepted by other BRIC countries. The group was renamed BRICS to represent the addition of South Africa to the original four BRIC members. At the third BRICS summit in 2011 in Sanya, China, South African president Jacob Zuma represented the country as a full member for the first time.

New Development Bank

In June 2012, the BRICS nations pledged $75 billion to boost the lending power of the International Monetary Fund (IMF). However, the proposed loan was conditional on IMF voting reforms. In March 2013, during the fifth BRICS summit in Durban, the member countries agreed to create a global financial institution to cooperate with the western-dominated IMF and World Bank. They planned to set up this New Development Bank (known at the time as the "BRICS Development Bank") by 2014.

At the BRICS leaders meeting in Saint Petersburg in September 2013, China committed $41 billion towards the pool; Brazil, India, and Russia committed $18 billion each; and South Africa committed $5 billion. China, which held the world's largest foreign exchange reserves and contributed the bulk of the currency pool, wanted a more significant managing role. China also wanted to be the location of the reserve. In October 2013, Russia's Finance Minister Anton Siluanov said that creating a $100 billion in funds designated to steady currency markets would be taken in early 2014. The Brazilian finance minister, Guido Mantega, confirmed that the fund would be created by March 2014. However, by April 2014, the currency reserve pool and development bank had yet to be set up, and the date was rescheduled to 2015.

In July 2014, during the sixth BRICS summit in Fortaleza, the BRICS members signed a document to create the US$100 billion New Development Bank and a reserve currency pool worth over another US$100 billion. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed. The Fortaleza summit was followed by a BRICS meeting with the Union of South American Nations presidents in Brasília.

Other initiatives

Since 2011, the National Institutes of Statistics of the BRICS group of countries (Institute of Geography and Statistics (Brazil), Federal State Statistics Service (Russia), the National Bureau of Statistics (China), the Central Statistics Office (India), and Statistics South Africa produce an annual joint statistical publication to put statistical production in perspective, compare adopted methodologies and statistical results. The publication serves as a single data platform for the mutual benefit of participating countries.

Since 2012, the BRICS group of countries has been planning an optical fiber submarine communications cable system to carry telecommunications between the BRICS countries, known as the BRICS Cable. Part of the motivation for the project was the spying of the U.S. National Security Agency on all telecommunications that flowed in and out of United States territory. Construction of the proposed cable network was abandoned in 2015, possibly due to cost.

In August 2019, the communications ministers of the BRICS countries signed a letter of intent to cooperate in the Information and Communication Technology sector. This agreement was signed in the fifth edition of the meeting of communication ministers of countries member of the group held in Brasília, Brazil.

The New Development Bank plans on giving out $15 billion to member states to help their struggling economies. Member countries are hoping for a smooth comeback and a continuation of economic trade pre-COVID-19. The 2020 BRICS summit was held virtually in St. Petersburg, Russia, and discussed how to handle the COVID-19 pandemic and how to fix the multilateral system via reforms. During the 13th BRICS summit, in 2021, Indian Prime Minister Narendra Modi called for a transparent investigation into the origins of COVID-19 under the World Health Organization with the full cooperation of "all countries", and Chinese leader Xi Jinping spoke directly afterwards, calling on BRICS countries to "oppose politicisation" of the process.

In May 2023, South Africa announced that it would be giving diplomatic immunity to Vladimir Putin and other Russian officials so that they could attend the 15th BRICS Summit despite the ICC arrest warrant for Putin. In July 2023, the Russian president announced that he would not personally attend the BRICS summit in Johannesburg on 22–24 August despite good relations with the South African government. Russian news channels noted that Putin would remotely participate online in all BRICS leaders' sessions, including the Business Forum, and also deliver his remarks virtually.

In the first 15 years of BRICS, it produced hundreds of decisions and complied with a majority of them. BRICS has established almost 60 intra-group institutions and a network including think tanks and dialogues in various areas. The group has an agenda of over 30 subjects. These groups include: BRICS Business Council, BRICS Think Tanks Council, BRICS Women's Business Alliance, BRICS Business Forum, and the BRICS Academic Forum. At Kazan the establishment of a BRICS Deep-Sea Resources International Research Center and a BRICS Digital Ecosystem Cooperation Network was announced.

In 2021, BRICS formally agreed to work together to build a satellite constellation and share remote sensing satellite data from it. The constellation will have six existing satellites from China, Russia, and India. In 2023, Russia proposed that the other BRICS members could build a joint research station on its space station.

Discussions

BRICS has been involved in discussions related to areas of conflict and humanitarian crises such as Afghanistan, Gaza, Lebanon, Sudan, Haiti, Syria and Ukraine. NATO air strikes in Libya were discussed during the third summit. In 2023, South African President Cyril Ramaphosa condemned the conflict in Gaza during an extraordinary virtual summit. In June 2024, BRICS foreign ministers issued a joint statement condemning military attacks and civilian casualties in the Gaza Strip.

2024 expansion

In August 2023, at the 15th BRICS summit, South African President Cyril Ramaphosa announced that six emerging market group countries (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates) had been invited to join the bloc. Full membership was scheduled to take effect on 1 January 2024.

However, the Argentine general election in November 2023 led to a change in president to Javier Milei, who had committed to withdraw the country's membership application. On 30 November 2023, incoming Foreign Minister of Argentina Diana Mondino confirmed that Argentina would not join BRICS. On 29 December 2023, the Government of Argentina sent a letter to all BRICS leaders to officially announce its withdrawal from the application process.

By January 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates joined the bloc, making BRICS membership grow from five to nine countries, while Saudi Arabia delayed its membership. Saudi Arabia did not join BRICS at the start of 2024 as had been planned, and it announced in mid-January that it was still considering the matter. The organizers touted the expansion as part of a plan to build a competing multipolar world order that uses Global South countries to challenge and compete against the western-dominated world order. China Daily used the expansion to claim that more developing countries were interested in joining BRICS.

On 24 October 2024, an additional 13 countries, namely Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan and Vietnam, were invited to participate as "partner countries". The partner status would allow these countries to engage with and benefit from BRICS initiatives. It is unclear whether the countries in this tier have received official membership invitations.

2025 expansion

On 6 January 2025, Indonesia joined BRICS officially as a full member, making it the first Southeast Asian state to join the bloc, as well as the 10th member of BRICS. Jakarta's bid got the green light from the bloc in 2023, but the Southeast Asian country asked to join following the 2024 Indonesian presidential election. 2025's BRICS presidency leader and Brazil's Lula announced their official entry. Indonesia's history with the original BRIC members goes back to 2009, when some observers referred to a theorized grouping as "BRIIC" or "BRICI", given Indonesia's growing and stable economy and ties to India and China.

The partnerships that were announced in the previous year went into effect in January 2025 as well. Nigeria joined the partnership countries on 17 January.

2026: Caution on further expansion

In May 2026, Russian Foreign Minister Sergey Lavrov stated that BRICS would not rush further expansion at the current stage, emphasizing the need to streamline the grouping's work following its recent enlargement. Lavrov noted that several countries have expressed interest either in becoming full-fledged members or partner countries, but BRICS members have agreed to proceed cautiously. He added that BRICS continues to attract strong international interest as "a model of the future multipolar world order."

Status of Saudi Arabia

Saudi Arabia's status within BRICS has been described inconsistently by official and independent sources. At the 15th BRICS summit in Johannesburg in August 2023, Saudi Arabia was one of six countries invited to become full members of BRICS from 1 January 2024. Unlike Egypt, Ethiopia, Iran and the United Arab Emirates, which accepted invitations to join the group, Saudi Arabia did not publicly confirm that it had formally accepted its invitation. In January 2024, Saudi Minister of Commerce Majid bin Abdullah Al Qasabi stated that Saudi Arabia had "not yet officially joined BRICS". In May 2025, Reuters reported that Saudi Arabia had "held off formally joining" the group, despite being listed as a member on the official BRICS website.

Official BRICS material has nevertheless classified Saudi Arabia as a full member. The website of the 2025 Brazilian BRICS presidency described BRICS as consisting of eleven countries, including Saudi Arabia, and listed the kingdom among the group's member countries. The Government of India, which holds the 2026 BRICS presidency, has similarly treated Saudi Arabia as one of the eleven BRICS members. A July 2026 government release referred to the "eleven BRICS member countries" and included Saudi Arabia in the list, while an August 2026 release stated that BRICS "brings together eleven" countries and again included Saudi Arabia.

Saudi Arabia's own official terminology has remained inconsistent. During the 17th BRICS summit in July 2025, the Saudi Press Agency (SPA) stated that Saudi Arabia was participating "as an invited country to join the BRICS group", rather than describing it as a member. This inconsistency continued during BRICS meetings in New Delhi in May 2026. On 14 May, SPA reported that the kingdom participated "in its capacity as a BRICS member country", while a report issued the following day stated that "Saudi Arabia participated as an invited country".

Consequently, Saudi Arabia is listed as a BRICS member by official BRICS sources and is treated as one by other members of the organization, while Saudi Arabia continues to maintain ambiguity regarding its status.

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