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BRICS is a multilateral economic alliance promoting collaboration in trade, security, and development. It is a group of five emerging economies in the Global South, including Brazil, Russia, India, China, and South Africa. Furthermore, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) joined the group in 2023, creating BRICS Plus. The members of BRICS stand out for their rapidly growing economies, large populations, and increasing influence in global affairs.
BRICS has played an important role in reshaping global dynamics by promising a multipolar world order and giving a strong voice to the Global South. It poses a challenge to Western-dominated international institutions such as the International Monetary Fund (IMF) and the World Bank with its calls for a new and reformed international order. These countries call for reforms in the contemporary global financial and political institutions that reflect the realities of the 21st century.
In 2002, Jim O’Neill, an economist at Goldman Sachs, coined the term BRIC in his report “Building Better Global Economic BRICS” referring to the fast-growing non-western economies of Brazil, Russia, India, and China. He predicted that these countries would outpace the economic growth of the G7 and challenge the economic dominance of the Western economies in the future.
BRIC was formed in 2006. South Africa joined the partner countries in 2011, changing its formal name to BRICS. The group’s first summit was held in June 2009 at Yekaterinburg, Russia. Various factors acted as catalysts for the formation of BRICS. Firstly, the global financial crisis of 2008 shook the foundations of the US-dominated global financial system and gave impetus to efforts to build alternative economic systems.
Furthermore, the expulsion of Russia from the G8 in 2014 also strengthened the coalition as Russia sought to counterbalance the West by fostering new economic alliances. In addition, China and Russia, as strong proponents of a multipolar world, perceive BRICS as an opportunity to challenge the dominance of the Western economic system.
The expansion of BRICS can be divided into three phases. During the initial phase, the four founding members agreed to form BRIC. South Africa came along in 2011 marking the second phase of enlargement. The recent expansion came during the 15th BRICS Summit in Johannesburg with the inclusion of five more countries (Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE). These countries, except Saudi Arabia, formally joined the alliance in January 2024. BRICS has opened its doors to include more countries in the future, including Turkey and Pakistan.
Owing to its vast human, financial, and natural resources, BRICS economies are poised to be an important bloc in shaping the future international order. First, it represents around 3.5 billion, or 45% of the global population. Second, BRICS contributes around 28% to the total global GDP, which translates into $28.5 trillion. BRICS Plus produces 44% of the world’s crude oil.
In terms of economic clout, BRICS is the largest economic bloc, and it has even surpassed the G7, its main competitor. According to Statista, BRICS collectively hold 35% of the world’s GDP, compared to 29% by the G7.
Moreover, BRICS members also carry immense political clout in international organizations. For instance, recent data indicates that the group holds a 14% voting quota at the World Bank and a 15% voting share in the IMF. Lastly, four BRICS members, including China, India, Brazil, and Russia, are........