BRICS

BRICS is an interstate association comprising of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa (since December 2010), as well as the Arab Republic of Egypt, the Islamic Republic of Iran, the United Arab Emirates, the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia (since 1 January 2024).

The organisation was founded in June 2006 at the St. Petersburg Economic Forum with the participation of the economy ministers of Brazil, Russia, India, and China. South Africa would later join the organisation in 2010.

Purpose of the Commonwealth of Nations

This community of countries primarily strives to discuss topical economic issues and regional and political problems, develop new trade and financial strategies, and advance cooperation in the humanitarian, cultural, and sports spheres.

Relations among the BRICS member states are built on the principles of non-interference, equality, and mutual benefit

The "BRIC" acronym was originally coined by the British economist Jim O’Neill in 2001

He used the term to name the four countries (Brazil, Russia, India, China) and their economies that, in his opinion, will be rising faster than the rest of the world thanks to their potential and low base.

A play on the English word "brick" is not random. It emphasizes the fact that the further growth of global economy will be built on these countries' development.

Jim O’Neill predicted that the BRICS countries would become global dominant economies by 2050.

Facts and figures

BRICS countries occupy a total of about 30% of the Earth’s territory

BRICS countries control about 43% of the world’s foreign exchange reserves

In 2024, the number of member countries in the association has increased to ten

Total population of the BRICS member countries is 42% of the global total

BRICS countries account for about 20% of the global GDP