What is BRICS?
Historical Background
Key Points
10 points- 1.
Economic Cooperation: Focuses on enhancing trade, investment, infrastructure development, and financial stability among member states.
- 2.
Political Coordination: Members coordinate positions on global political and security issues, advocating for reforms in global governance institutions like the UN, IMF, and World Bank.
- 3.
New Development Bank (NDB): Established in 2014, headquartered in Shanghai, to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies.
- 4.
Contingent Reserve Arrangement (CRA): A framework providing liquidity support to members in times of balance of payments crises, serving as a financial safety net.
- 5.
Shared Vision: Aims to promote a multipolar, equitable, and democratic world order, challenging the existing unipolar or Western-dominated structures.
- 6.
Diverse Membership: Represents diverse geographies, political systems, and economic structures, collectively accounting for a significant portion of the world's population and GDP.
- 7.
Regular Summits: Heads of state/government meet annually to discuss strategic issues and set the agenda for cooperation.
- 8.
Sectoral Cooperation: Working groups and ministerial meetings across various sectors including agriculture, health, science & technology, education, and culture.
- 9.
Voice for Global South: Increasingly positions itself as a collective voice for developing countries and emerging markets on the global stage.
- 10.
Expansion: Recently expanded to include new members, signaling its growing influence and appeal to other developing nations.
Visual Insights
BRICS: Objectives and Significance
Illustrates the key objectives, areas of cooperation, and significance of the BRICS grouping for India.
BRICS
- ●Economic Cooperation
- ●Political Coordination
- ●New Development Bank (NDB)
- ●Challenges
BRICS: A Timeline of Key Events
Highlights the key milestones in the evolution of the BRICS grouping.
BRICS has evolved from an economic concept to a significant geopolitical force.
- 2001Jim O'Neill coins the term 'BRIC'
- 2009First BRIC summit held in Russia
- 2010South Africa joins, forming BRICS
- 2015New Development Bank (NDB) established
- 2023BRICS announces expansion plans
- 2026India and Brazil reaffirm BRICS commitment
Recent Developments
5 developmentsBRICS Expansion: A significant development in 2023-2024 with the addition of five new full members (Egypt, Ethiopia, Iran, Saudi Arabia, UAE), increasing its global footprint and influence.
De-dollarization Efforts: Ongoing discussions and initiatives to increase trade in local currencies among members and explore alternatives to the US dollar in international transactions.
Focus on Global South: Enhanced emphasis on representing the interests and concerns of the Global South in international forums.
NDB's Growing Portfolio: The New Development Bank continues to expand its funding for infrastructure and sustainable development projects across member states and beyond.
Challenges: Internal differences among members, particularly between India and China, and the impact of broader geopolitical events continue to shape its dynamics.
This Concept in News
3 topicsIndia and Brazil Strengthen Ties Amid Global Uncertainty
24 Feb 2026The news highlights the practical application of BRICS' goal of fostering greater economic cooperation among its members. The India-Brazil agreement demonstrates how BRICS can serve as a platform for bilateral partnerships that contribute to the group's overall objectives. This news reinforces the idea that BRICS is not just a theoretical concept but a real-world mechanism for promoting South-South cooperation and challenging the existing global order. The agreement on critical minerals is particularly significant, as it addresses the issue of supply chain resilience and reduces dependence on China, a key concern for many countries. Understanding BRICS' role in facilitating such partnerships is crucial for analyzing its impact on the global economy and its relevance in the context of India's foreign policy.
Brazilian President Lula Praises India's Non-Colonial Approach on State Visit
23 Feb 2026The news of President Lula's visit and his emphasis on India's non-colonial approach highlights the core philosophy behind BRICS – a partnership of equals, not a relationship of dominance. This underscores the 'South-South cooperation' aspect of BRICS, where developing nations collaborate without the historical baggage of colonialism. The news applies this concept in practice by showcasing how India and Brazil are building a strong economic and strategic partnership based on mutual respect and shared goals. This challenges the traditional power dynamics in international relations, where developed countries often dictate terms to developing nations. The implications of this news for BRICS are significant: it reinforces the group's commitment to a more equitable global order and demonstrates the potential for South-South cooperation to drive economic growth and development. Understanding BRICS's underlying principles is crucial for analyzing this news because it provides context for the growing partnership between India and Brazil and its broader implications for the global balance of power.
Brazil's Lula da Silva to visit India, focus on trade
12 Feb 2026This news underscores BRICS's role as a platform for fostering bilateral relationships that contribute to its broader goals. Lula's visit demonstrates how BRICS members leverage the group to strengthen ties with each other, boosting trade and cooperation. The focus on technology and defense highlights BRICS's ambition to diversify its agenda beyond purely economic matters. This visit applies the concept of BRICS by showcasing how member states actively engage to further its objectives. The news reveals that BRICS is not just a theoretical construct but a practical framework for international cooperation. The implications for BRICS's future are positive, suggesting continued momentum and relevance. Understanding BRICS is crucial for analyzing this news because it provides context for the motivations and potential outcomes of the bilateral engagement between Brazil and India. It helps to see this event as part of a larger effort to strengthen South-South cooperation and reshape global governance.
