BRICS

This article is about the intergovernmental organization. For the term championed by Goldman Sachs, see BRIC. For other uses, see BRICS (disambiguation).

BRICS
Named afterFounder member states' initials (in English)
BRIC (economic term)
Formation
  • September 2006; 18 years ago (2006-09) (Informal)
  • 16 June 2009; 15 years ago (2009-06-16) (Official)
Founded at
TypeIntergovernmental organization
PurposePolitical and economical
FieldsInternational politics
Membership
Member states
Official languages
English, Arabic, Amharic, Chinese, Russian, Hindi, Persian, Portuguese
FundingMember states
Formerly called
BRIC
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BRICS is an intergovernmental organization comprising nine countries - Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. BRICS was originally identified to highlight investment opportunities.[3] The grouping evolved into a geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.[4]

The founding countries of Brazil, Russia, India, and China held the first leaders summit in Russia in 2009 under the name BRIC. Following a renaming of the organization, South Africa attended its first summit as a member in 2011 after joining the group in 2010.[5][6] Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states at the 2024 summit in Russia. Saudi Arabia has not responded to an invitation to join BRICS, and is still considering joining.[7][8][9][3]

Combined, the BRICS members encompass about 30% of the world's land surface and 45% of world population.[10] South Africa has the largest economy in Africa whereas Brazil, India, and China are among the world's ten largest countries by population, area, and gross domestic product (GDP). All five initial member states are members of the G20, with a combined nominal GDP of US$28 trillion (about 27% of the gross world product), a total GDP (PPP) of around US$65 trillion (35% of global GDP PPP), and an estimated US$5.2 trillion in combined foreign reserves (as of 2024).[11][12]

Share of G7 and BRICS GDP (PPP) in the world[13]

The BRICS countries are considered the alternative to Western dominated institutions led by nations of the G7 bloc[14] comprising some of the leading developing economies. Together they have implemented competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, the BRICS pay, the BRICS Joint Statistical Publication[15] and the BRICS basket reserve currency.[16]

BRICS has received both praise and criticism from numerous commentators.[17][18][19][20][21]

  1. ^ Norman, Izzah Aqilah (24 October 2024). "Malaysia, Indonesia, Vietnam and Thailand become partner countries of BRICS". CNA. Retrieved 25 October 2024.
  2. ^ a b "Report for Selected Countries and Subjects". IMF. Archived from the original on 30 April 2023. Retrieved 17 April 2023.
  3. ^ a b "Goldman's BRIC Era Ends as Fund Folds After Years of Losses". Bloomberg. 8 November 2015. Archived from the original on 31 January 2023. Retrieved 10 November 2022.
  4. ^ Gutemberg Pacheco Lopes Junior. "The Sino-Brazilian Principles in a Latin American and BRICS Context: The Case for Comparative Public Budgeting Legal Research; Wisconsin International Law Journal; 13 May 2015" (PDF). University of Wisconsin Law School. Archived (PDF) from the original on 30 September 2021. Retrieved 7 September 2016.
  5. ^ "What is BRICS, which countries want to join and why?". Reuters. Archived from the original on 18 November 2023. Retrieved 8 February 2024.
  6. ^ Oliver Stuenkel (2020). The BRICS and the Future of Global Order (2 ed.). Lexington Books. p. 1. ISBN 978-0739193211.
  7. ^ "Is Saudi Arabia a Brics member or not? A curious case of invitation, acceptance and a delay". Firstpost. 22 October 2024. Retrieved 22 October 2024.
  8. ^ "BRICS expansion: five countries join ranks". Africa News. 2 January 2024. Archived from the original on 4 January 2024. Retrieved 4 January 2024.
  9. ^ "Iran, UAE, Egypt and Ethiopia join BRICS". The Jerusalem Post | JPost.com. 3 January 2024. Archived from the original on 3 January 2024. Retrieved 9 January 2024.
  10. ^ "Infographic: The Global Clout of the New BRICS". Statista Daily Data. 22 October 2024. Retrieved 2 November 2024.
  11. ^ "Amid BRICS' rise and 'Arab Spring', a new global order forms". Christian Science Monitor. ISSN 0882-7729. Retrieved 30 October 2024.
  12. ^ "Report for Selected Countries and Subjects". IMF. Retrieved 30 October 2024.
  13. ^ "BRICS vs G7 GDP as a share of world total 2024". Statista. Retrieved 2 November 2024.
  14. ^ "BRICS Expansion, the G20, and the Future of World Order". Carnegie Endowment for International Peace. Retrieved 15 November 2024.
  15. ^ "BRICS Joint Statistical Publications". Federal State Statistics Service. Archived from the original on 17 January 2024.
  16. ^ Raimondi, Paolo (2 September 2023). "BRICS: The role of the unit of account for the new "basket of currencies"". India Foundation. Archived from the original on 4 October 2023.
  17. ^ "ILO head praises BRICS countries' commitment to social dialogue". ILO. 3 August 2018. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  18. ^ Wolff, Richard D. (3 October 2022). "BRICS: the powerful global alliance". canadiandimension.com. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  19. ^ Maitra, Sumantra (18 April 2013). "BRICS – India is the biggest loser". USINPAC. Archived from the original on 28 October 2013. Retrieved 17 June 2013.
  20. ^ Blakeley, Grace (15 February 2023). "BRIC Nationalism Is No Alternative". Jacobin. Archived from the original on 25 August 2023. Retrieved 25 August 2023.
  21. ^ Coughlin, Con (24 August 2023). "Brics is now a motley crew of failing states". The Daily Telegraph. ISSN 0307-1235. Archived from the original on 25 August 2023. Retrieved 25 August 2023.


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