Today, BRICS is not merely a group. It is a rapidly growing force capturing global attention. Bringing together the largest emerging economies, which collectively form a significant share of global GDP, population, and trade, BRICS seeks to reform the international financial and political systems in favour of developing countries, advocating strengthening of a more representative and equitable international order. In essence, BRICS is a platform representing the interests of the Global South. How did it all begin, and what path lies ahead?
Meanwhile, BRICS cannot be called an international organisation. BRICS has no charter, statute, or headquarters. De facto, it is an informal intergovernmental union of the most dynamically developing countries, or rather, a platform for strengthening comprehensive cooperation among them, TV BRICS reported.
Currently, the union comprises ten countries: Brazil, Russia, India, China, South Africa, Iran, the United Arab Emirates, Egypt, Ethiopia, and Indonesia. The abbreviation BRICS, formed from the first letters of the English names of the first five member states, sounds like the English word "bricks" and carries symbolic meaning. It implies that these countries will become the foundation for future global economic growth.
Background: the birth of the BRIC acronym
The idea of uniting Brazil, Russia, India, and China emerged in the late 1990s – early 2000s. Even then, these countries were powerful economic centres with rapidly growing GDP and significant global influence. However, the main starting point for BRICS was September 2006, when, at the suggestion of President of Russia Vladimir Putin, the first meeting of the foreign ministers of Brazil, Russia, India, and China took place.
Two years later, during the G8 summit in Japan, the meeting of the four countries was repeated, now at the level of heads of state and government, ending with an agreement to cooperate economically.
Nevertheless, the official “birth date” of BRICS can be considered 16 June 2009, when the first summit of the still-called BRIC (Brazil, Russia, India, and China) took place.
The leaders met in Ekaterinburg. There, the first joint statement was issued, and the venue of the next meeting – Brazil – was announced. Following the Ekaterinburg summit, the union officially emerged on the global political and economic stage. Goals were articulated for strengthening of a more representative and equitable international order and developing cooperation among the four countries in three main areas: economy, politics, and humanitarian and cultural spheres.
Soft infrastructure of BRICS and the appearance of “S”
A key step in the union’s development was the accession of South Africa at the summit in Sanya, China, in April 2011. It was then that the group of five countries acquired the familiar BRICS name, with the addition of “S” from the name of South Africa.
At the same time, BRICS began forming its “soft infrastructure” – forums and initiatives that strengthen connections and dialogue among member states. The Business Forum and Thinkers Forum became key elements of BRICS’s soft infrastructure. Both platforms serve to discuss economic, political, and intellectual issues and also help develop high-tech cooperation, one of BRICS’s tasks to overcome global crises and raise living standards.
Creation of BRICS financial institutions
In 2013, the BRICS chairmanship passed to South Africa. A key outcome of the BRICS summit in Durban was the political decision to establish the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The CRA serves as a financial “safety net” for member states in times of difficulty, with a capital of US$100 billion. In turn, the BRICS New Development Bank was created to finance infrastructure projects in member states, with an initial capital of US$100 billion.
The agreement on the NDB and the treaty establishing the CRA – the first formal BRICS institutions – were signed in July 2014 in Fortaleza, Brazil.
Strategic expansion of BRICS and the new world order
Strategic relations between BRICS and other countries began to develop in 2017. Egypt, Kenya, Tajikistan, Mexico, and Thailand were invited to the dialogue under the “BRICS Plus” format. In 2022, an official discussion on expansion to other countries began. That same year, Argentina and Iran applied to join BRICS. It also became known that Turkey, Egypt, and Saudi Arabia expressed interest in membership. The United Arab Emirates, Bahrain, Indonesia, and several African countries also showed interest.
A landmark moment was the BRICS summit in Johannesburg in August 2023. Its main outcome was the decision to expand BRICS, with invitations extended to the UAE, Argentina, Iran, Ethiopia, Egypt, and Saudi Arabia. This marked BRICS’s transition from a group of the largest emerging economies to a vanguard of the global majority, a platform representing the interests of the Global South. Against this backdrop, discussions of a multipolar world, a more representative and equitable international order, and equal relations among states became more frequent. By early 2024, around 30 countries had expressed interest in joining BRICS.
Thus, on 1 January 2024, Iran, Egypt, the UAE, and Ethiopia joined BRICS as full members.
At the 2024 summit in Kazan, a new format of cooperation with third countries was approved: they received the status of partner states. These included Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan.
“Other countries that are not members or partners, such as Colombia, are part of the BRICS New Development Bank (NDB), allowing them to request loans for national development,” stated Anibal Garzon, writer, author of a book about BRICS, and TV BRICS expert.
On 6 January 2025, Indonesia joined BRICS as a full member, becoming the first country from Southeast Asia in the union. Journalists called this partnership “a bridge between the Global South and the East.” Indonesia is among the twenty largest economies and the five most populous countries, further strengthening BRICS’s influence on the international stage, according to experts.
Political and economic consequences of BRICS expansion
Today, BRICS unites ten resource-rich countries with strategic geographical positions, each a regional leader. This enhances BRICS’s leverage and chances of forming a multipolar world with ideological and cultural diversity. The expansion itself is already a turning point. The growing power is sufficient to promote the interests of the Global South on the international level.
“The major advantage of expansion is the strengthening of direct ties among a greater number of Global South countries – from Latin America, Africa, and Asia – enhancing South–South cooperation,” said Anibal Garzon.
Discussions on further BRICS expansion
In each macroregion of the Global South, there are countries interested in joining BRICS: the Middle East, Central, South, and Southeast Asia, Latin America, and Sub-Saharan Africa.
Among the most likely future members, experts name Venezuela, whose candidacy was considered in 2024.
“Latin America remains the region with the fewest members. Venezuela, as an OPEC country with the largest oil reserves, would be a strong addition. Another country being discussed is Mexico,” noted Anibal Garzon.
Other potential members include Nigeria (one of Africa’s largest oil producers), West African countries such as Senegal, or Sahel region countries: Niger, Burkina Faso, and, Mali. In Asia, experts highlight Vietnam as a leading candidate.
Experts also warn of risks associated with the growth in BRICS membership.
“Increasing the number of members increases the diversity of opinions and cultural contradictions. BRICS operates on progressive consensus, meaning guiding principles are determined through negotiation and adjustment according to each country’s needs rather than voting. Therefore, a larger membership may make reaching consensus on the agenda more difficult,” stated Henrique Domingues, Special Representative of International Municipal BRICS Forum.
Some specialists believe the number of BRICS members may remain unchanged, or the decision-making mechanism itself may change.
“Currently, decisions are made by consensus, and as BRICS grows, it may need to reform its decision-making mechanism — shifting from consensus to absolute or simple majorities. If all states retain veto power, approving proposals will become increasingly difficult,” said Anibal Garzon.
BRICS and future challenges
Analysts suggest a single currency could emerge in the future, but this would require an independent architecture with its own central bank and institutions, potentially taking years or decades.
Specialists also predict increased joint investments in strategic sectors such as oil, gas, and new technologies. Experts continue to debate whether BRICS will remain a group of countries or eventually transform into an international organisation. According to Anibal Garzon, further institutionalisation would help BRICS secure a unified voice internationally.
“BRICS needs to move from being a group of countries to a unified institution – a single entity. This would require supranational political structures such as a central headquarters, a central bank, possibly a parliament, and its own courts,” said Anibal Garzon.
However, he and most experts agree that today BRICS already serves as a guide for many Global South countries and is a supranational geopolitical player, designed not to disappear quickly but to drive change in the global order.
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