BRICS
About
- BRICS is an intergovernmental forum that brings together eleven major emerging economies and developing countries: Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran.
- The group was originally composed of Brazil, Russia, India, and China, and was expanded for the first time with the admission of South Africa in 2011.
- During the 15th Summit in Johannesburg, in 2023, the BRICS leaders decided for a new expansion, admitting Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Indonesia formally accepted the invitation to join the group in 2024.
- BRICS introduced a new “partner countries” category at its 2024 summit. Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam have this designation. While falling short of full member status, the “partner countries” classification allows them to participate in BRICS summits.
- It serves as a political and diplomatic coordination forum for countries from the Global South and for coordination in the most diverse areas.
- The BRICS presidency rotates annually among its member countries.
- Note: The BRICS does not constitute an international organization, nor a formal group. Rather, it is a forum, a group, or a coordination and cooperation mechanism among countries of the Global South.
Did you know?
- BRICS nations collectively represent approximately 3.3 billion people, accounting for over 40% of the world’s population. Their economies contribute an estimated 37.3% of global GDP, reflecting their significant economic weight.
Institutional Framework
- During the VI BRICS Summit, held in Fortaleza in 2014, member countries established the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
New Development Bank:
- The NDB is a multilateral development bank established with the goal of mobilizing resources to finance infrastructure and sustainable development projects in developing countries.
- The NDB is based in Shanghai, China.
- The Bank’s membership is open to members of the United Nations.
- In addition to Brazil, Russia, India, China, and South Africa — the founding members of the NDB — the bank’s membership has expanded to include Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.
- Adhesion to the BRICS does not guarantee membership in the NDB.
Contingency Reserve Arrangement:
- The CRA is a mutual financial support platform to which BRICS members can turn in the event of difficulties in their balance of payments.
- The CRA is fully operational and can be accessed at any time by initiative of one of the members.
Why in News?
- India has formally assumed the BRICS chairmanship for 2026, following Brazil’s presidency.
- The theme for India’s BRICS Chairship this year is “Building for Resilience, Innovation, Cooperation and Sustainability”.
- India chairs BRICS for the fourth time in 2026, having previously held the Chairship in 2012, 2016, and 2021.