From economic acronym to a geopolitical bloc: the evolution of BRICS

Countries & Cities · Published 12 October 2026 Swipe more like this →

In short: What began as a speculative term for rising economies has transformed into a formal intergovernmental organization. Once focused on predicting future economic dominance, the group now seeks to counterbalance Western-led institutions like the IMF, though its internal cohesion remains a subject of intense debate among global analysts.

The term BRIC was first coined by Goldman Sachs economist Jim O’Neill to identify four economies—Brazil, Russia, India, and China—that could potentially dominate the global economy by 2050 if their growth rates were maintained. These nations began meeting informally in 2006, eventually holding their first summit in 2009. In 2011, South Africa joined, expanding the acronym to BRICS and shifting the group's focus toward becoming a collection of emerging regional leaders.

The organization has since expanded significantly. At the 2023 summit in South Africa, several new members were announced. While Argentina declined the invitation following the presidency of Javier Milei, other nations like Egypt, Ethiopia, Iran, and the United Arab Emirates joined between 2024 and 2025. Indonesia also formally joined in January 2025. The status of Saudi Arabia remains a point of discussion; while official BRICS sources list it as a member, Saudi officials have not unequivocally confirmed its accession.

BRICS operates as an informal coordination forum rather than a treaty-based organization, meaning it lacks a permanent secretariat or budget. To support its members, the group established the New Development Bank (NDB) in July 2014, with founding members pooling $100 billion in authorized capital. While members have discussed a common currency for international trade, no concrete steps have been taken toward that goal. Today, the group's role is contested: some see it as a tool for Chinese geopolitical ambition, while others, like India and Brazil, view it as a way to maintain neutrality in a multipolar world.

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