Important for UPSC Prelims: International Relations
About BRICS
- BRICS is an intergovernmental grouping of major emerging economies that promotes economic cooperation, sustainable development and reforms of global governance. It also strengthens the voice of the Global South. The Chairmanship rotates annually among member countries.
Evolution of BRICS
| Year | Development |
| 2001 | British economist Jim O’Neill coined the term ‘BRIC’ for Brazil, Russia, India and China. |
| 2006 | BRIC leaders met for the first time in St. Petersburg, Russia. |
| 2006 | BRIC was formally established. |
| 2009 | First BRIC Summit held in Yekaterinburg, Russia. |
| 2010 | South Africa joined; BRIC became BRICS. |
| 2024 | Egypt, Ethiopia, Iran and the UAE joined as full members. |
| 2025 | Indonesia became the newest full member. |
Current BRICS Members (2026)
- As of 2026, BRICS comprises 11 member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates (UAE), and Indonesia
Why is BRICS Important?
BRICS collectively accounts for approximately:
- 42% of the world’s population
- 30% of the world’s land area
- 23% of global GDP
- 18% of global trade
- Around 44% of global crude oil production (with Iran, Saudi Arabia and the UAE as members)
Objectives of BRICS
- Promote South-South cooperation.
- Reform global governance institutions.
- Strengthen the voice of emerging economies.
- Promote a multipolar world order.
Important BRICS Institutions
| Institution | Headquarters / Secretariat | Key Facts |
| New Development Bank (NDB) | Shanghai, China | Established under the Fortaleza Declaration (2014); operational since 2015. Finances infrastructure and sustainable development projects in BRICS and other emerging economies. (Also called the BRICS Bank.) |
| Contingent Reserve Arrangement (CRA) | No permanent headquarters or secretariat | Established under the Fortaleza Declaration (2014); operational since 2015. A US$100 billion financial safety mechanism providing short-term liquidity and balance-of-payments support to BRICS members. |
Importance of BRICS for India
- Strengthens India’s leadership role in the Global South.
Supports cooperation in trade, finance, energy, technology and development.
- Offers opportunities for dialogue with China and Russia on regional and global issues.
- Complements India’s engagement in other multilateral forums such as the G20, SCO and the United Nations.
Conclusion
With its expanding membership and growing economic influence, BRICS is emerging as a key platform for promoting South-South cooperation and a more inclusive, multipolar global governance system.
| This Concept has been mentioned in the following article 3rd BRICS Ministerial Meeting on Disaster Risk Reduction (DRR), 2026 |