BRICS is a group of emerging economies that began as an investment idea and has grown into a political and economic forum.
Photo credit: Presidential Press and Information Office (Russia), CC BY 4.0, via Wikimedia Commons.
Where does the name come from?
The term “BRIC” was coined in 2001 by the British economist Jim O’Neill while he was at Goldman Sachs. It referred to Brazil, Russia, India and China. South Africa joined in 2010, which is why the group is called BRICS.
Who are the members?
According to the latest information we checked, the full members are Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, South Africa and the United Arab Emirates. Egypt, Ethiopia, Iran and the UAE joined on 1 January 2024. Indonesia joined on 6 January 2025 and became the first Southeast Asian member. Saudi Arabia has been invited, but its membership status is disputed because it has not publicly confirmed joining.
The New Development Bank
BRICS members set up the New Development Bank, which is headquartered in Shanghai, with an African regional headquarters in South Africa. It funds infrastructure and sustainable development projects.
Why does it matter?
The members together represent a large share of the world’s population and economic output, and many are seeking a bigger say in global institutions. Analysts differ on how much the members can agree on, since their interests and politics vary widely.
Source: Wikipedia, “BRICS”. Membership can change, so please check official BRICS and member-government statements for the latest. Written by The Popular Story desk.
