A loose alliance of emerging economies, BRICS was originally formed to coordinate economic policies and challenge the dominance of Western-led financial institutions. It has since evolved into a broad geopolitical platform representing the Global South. The bloc’s name is an acronym of its founding and early members: Brazil, Russia, India, China, and South Africa (which joined in 2010). Since 2024, the group has undergone a massive expansion, often referred to as BRICS+.
Core Objectives and Pillars
The BRICS agenda is built on three primary pillars: Political and Security, Economic and Financial, and Cultural and People-to-People. The bloc coordinates on global hotspots, advocates for a multipolar world order, reduces reliance on the US Dollar (de-dollarization), and promotes trade in local currencies. It also enhances cooperation in science, technology, and education.
- Political and Security: Coordinating on global hotspots and advocating for a multipolar world order where power is not concentrated in the West.
- Economic and Financial: Reducing reliance on the US Dollar (de-dollarization) and promoting trade in local currencies.
- Cultural and People-to-People: Enhancing cooperation in science, technology (STI), and education.
The New Development Bank (NDB)
Headquartered in Shanghai, the NDB serves as an alternative to the World Bank and IMF, providing infrastructure and sustainable development loans to member states without the stringent political conditions often attached to Western loans.
Current Status Under India's Presidency
The bloc is currently focused on global governance reform, pushing for permanent seats for members (like India and Brazil) on the UN Security Council. It is also developing a Humanity First framework for Artificial Intelligence that prevents a digital divide between the North and South. Additionally, China and India are leading a pilot program to expand digital trade logistics across 45 member cities.
Member Countries and Expansion
Since 2024, the group has undergone a massive expansion, often referred to as BRICS+. The Founders & Early Members are Brazil, Russia, India, China, and South Africa (Joined 2010). The 2024-2025 Expansion includes Egypt, Ethiopia, Iran, United Arab Emirates (UAE), and Saudi Arabia (Joined Jan 2024), and Indonesia (Joined Jan 2025). Partner Countries include Vietnam, Malaysia, Thailand, Nigeria, and Kazakhstan, allowing them to participate in many BRICS initiatives without full voting rights.