BRICS

Extracted Attributes

• Type

  Intergovernmental organization / Informal diplomatic club

• Term Creator

  Jim O'Neill, Goldman Sachs (2001)

• Economic Share

  Over 25% of the global economy

• Member Nations

  Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa, United Arab Emirates

• Population Share

  Nearly 50% of the world population

• Primary Objectives

  Global financial reform, de-dollarization, multilateral policy coordination

• Conceptual Originator

  Yevgeny Primakov (1998)

• Membership Discrepancy

  Some sources include Saudi Arabia as an 11th member, while others list 10 active members as of early 2025.

• Key Financial Institutions

  New Development Bank (NDB), BRICS Contingent Reserve Arrangement (CRA)

Timeline

• Russian Foreign Minister Yevgeny Primakov articulates the conceptual origins of the bloc. (Source: Wikipedia)

  1998-01-01

• Economist Jim O'Neill coins the term 'BRIC' in a Goldman Sachs publication. (Source: Wikipedia)

  2001-11-30

• The first informal meeting of BRIC foreign ministers is held during the UN General Assembly. (Source: Web Search (About the BRICS))

  2006-09-20

• The inaugural BRIC summit is held in Yekaterinburg, Russia, establishing the group as a formal diplomatic club. (Source: Wikidata)

  2009-06-16

• South Africa is invited to join the group, leading to the name change to BRICS. (Source: Wikipedia)

  2010-09-01

• South Africa attends its first summit as a full member in Sanya, China. (Source: Wikipedia)

  2011-04-14

• The Johannesburg Declaration is signed, inviting new members to join the bloc. (Source: Web Search (About the BRICS))

  2023-08-24

• Egypt, Ethiopia, Iran, and the United Arab Emirates officially join the organization. (Source: Wikipedia)

  2024-01-01

• Indonesia officially joins BRICS+, becoming the first Southeast Asian member. (Source: Wikipedia)

  2025-01-01

BRICS

BRICS+ is an intergovernmental organization comprising ten countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa and the United Arab Emirates. 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 club 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. The acronym BRICS+ or BRICS Plus 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. BRICS has implemented initiatives that could reform the global financial system, such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS PAY and the BRICS Joint Statistical Publication. BRICS has also advanced de-dollarization to reduce the use of the U.S. dollar as reserve currency. In its first 15 years, BRICS has established almost 60 intragroup institutions and an extensive network including think tanks and dialogues. 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 original five members including Indonesia are also part of the G20. BRICS has received both praise and criticism from numerous commentators and world leaders.

Web Search Results

• About the BRICS

  The BRICS is a group formed by eleven countries: Brasil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran. It serves as a political and diplomatic coordination forum for countries from the Global South and for coordination in the most diverse areas. [...] The acronym BRIC was conceived in 2001 by an economist from the Goldman Sachs investment bank in recognition of the dynamic economic growth of Brasil, Russia, India, and China. [...] The BRICS is currently composed of eleven countries: its five original members – Brasil, China, India, Russia, and South Africa -, and six new members admitted in 2024-25 - Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. The group was originally composed of Brasil, Russia, India, and China in 2006; South Africa adhered in 2011; the new expansion, effective as of 2024, derived from the Johannesburg Declaration, from August 2023. ## Partner Countries

• The BRICS - Banco Central do Brasil

  BRICS is a group formed by eleven major emerging countries: Brazil, Russia, India, China, South Africa, Iran, Saudi Arabia1 , Egypt, Ethiopia, United Arab Emirates, and Indonesia. Together, they represent about 49% of the world's population, 36% of the territory, 39% of global GDP, and 23% of international trade. Created in 2001 as BRIC, the group gained strength with the inclusion of South Africa in 2011 and new members in 2023 and 2025. ## Objectives and Actions

• BRICS portal

  BRICS is an informal group of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People's Republic of

• BRICS - Wikipedia

  BRICS+ is an intergovernmental organization comprising ten countries: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa and the United Arab Emirates. 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 "BRIC (economics term)") was originally a term coined by British economist Jim [...] 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 club 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 [...] The term BRIC "BRIC (economics term)"), 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

• What Is the BRICS Group and Why Is It Expanding?

  The countries that comprise BRICS—Brazil, Russia, India, China, and South Africa, as well as five new members—are an informal grouping of emerging economies hoping to increase their sway in the global order. Established in 2009, BRICS was founded on the premise that international institutions were overly dominated by Western powers and had ceased to serve developing countries. The bloc has sought to coordinate its members’ economic and diplomatic policies, found new financial institutions, and [...] The coalition is not a formal organization, but rather a loose bloc of non-Western economies that coordinate economic and diplomatic efforts around a shared goal. BRICS countries seek to build an alternative to what they see as the dominance of the Western viewpoint in major multilateral groupings, such as the World Bank, the Group of Seven (G7), and the UN Security Council. [...] Brazil holds the rotating BRICS presidency this year, taking over from Russia, and hosting the group’s annual summit in Rio de Janeiro in July. Brazil’s turn at the helm—as a country friendly with the United States—will likely diverge from the anti-Western direction Russia sought during its presidency.

• Image

  

• Instance Of

  Q124964

• Inception Date

  6/16/2009