What is BRICS?

BRICS is a multilateral grouping of major emerging economies originally comprising Brazil, Russia, India, China, and South Africa. The acronym "BRIC" was coined by Goldman Sachs economist Jim O'Neill in 2001; the group was formalised in 2006 with the first Foreign Ministers' meeting on the sidelines of UNGA. South Africa joined in 2010, making it BRICS.

Following a historic expansion at the 15th BRICS Summit in Johannesburg (August 2023), the bloc admitted new members effective 1 January 2024: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Indonesia joined as a full member in January 2025. BRICS now has 11 full members representing roughly 45% of the world's population and 37% of global GDP (PPP).

The group also established the New Development Bank (NDB) in 2014, headquartered in Shanghai, and the Contingent Reserve Arrangement (CRA) — a USD 100 billion liquidity mechanism.

Key Features

# Feature Details
1 Founded 2006 (BRIC); South Africa joined 2010
2 Members (2025) Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, UAE, Indonesia
3 Partner Countries Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, Vietnam (2025)
4 New Development Bank HQ: Shanghai; President: Dilma Rousseff; raised USD 16.1 billion in 2024
5 CRA USD 100 billion Contingent Reserve Arrangement for balance-of-payments support
6 Annual Summits Rotational presidency; 17th Summit in Rio de Janeiro, Brazil (2025)
7 Share of World ~45% population, ~37% GDP (PPP), ~25% goods exports
8 Decision-making Consensus-based; no binding treaty framework

Current Status / Latest Developments

  • India chairs BRICS in 2026 (4th time — previous: 2012, 2016, 2021). Theme: "Building for Resilience, Innovation, Cooperation and Sustainability."
  • The 18th BRICS Summit will be hosted by India in 2026.
  • At the 17th Summit in Rio (2025), leaders signed a commitment for more inclusive and sustainable global governance.
  • NDB membership expanded to 11 members including Algeria, Bangladesh, Colombia, and Uzbekistan.
  • The bloc now includes 10 Partner Countries admitted in 2025, expanding its global footprint significantly.

UPSC Exam Corner

Prelims: Key Facts

  • Original BRIC: Brazil, Russia, India, China (2006); South Africa added 2010
  • 2024 expansion: Egypt, Ethiopia, Iran, Saudi Arabia, UAE; Indonesia (2025)
  • NDB HQ: Shanghai, China; CRA: USD 100 billion
  • India's BRICS presidency: 2026 (4th time)
  • Jim O'Neill coined "BRIC" in 2001
  • Partner countries (2025): 10 nations including Malaysia, Thailand, Nigeria

Mains: Probable Themes

  1. "Evaluate the significance of BRICS expansion for reshaping global governance architecture."
  2. "How does the NDB differ from the Bretton Woods institutions? Assess its role for the Global South."
  3. "India's BRICS 2026 presidency — priorities and challenges in a multipolar world."
  4. "Is BRICS an alternative to the Western-led global order or a complementary framework?"

Sources: BRICS 2026 India Official Site | CFR — What Is BRICS? | WEF — BRICS Explainer