From Acronym to Alliance
BRICS is an intergovernmental organization that started as an idea. The term "BRIC" was first coined in 2001 by Goldman Sachs economist Jim O'Neill to highlight the rapid growth potential of Brazil, Russia, India, and China. What began as a financial
acronym was soon adopted by the countries themselves, who saw an opportunity to collaborate. The first meeting of BRIC foreign ministers took place in 2006, leading to the first formal summit in 2009. The group's initial purpose was to find a collective voice on the world stage and push for a global economic and political order that was less dominated by Western powers. In 2010, the group invited South Africa to join, officially turning BRIC into BRICS.
The Expanding Membership
For over a decade, the five founding nations formed the core of the bloc. However, that changed significantly in recent years. At the 2023 summit, BRICS invited six new countries to join, marking a major expansion. As of 2026, BRICS has grown to include eleven full members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. Indonesia formally joined in January 2025. This expansion dramatically increased the group’s demographic and economic weight; the bloc now represents nearly half of the world's population and a substantial portion of the global economy. A new 'Partner Country' status has also been created to allow for structured engagement with other interested nations.
What Are the Group's Main Goals?
At its core, BRICS aims to increase the influence of emerging nations and the Global South in world affairs. A primary objective is to reform global governance institutions like the UN Security Council, the International Monetary Fund (IMF), and the World Bank to make them more representative of the current global landscape. Economically, the group focuses on strengthening trade and investment among its members. It has established its own financial institutions, like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), to provide alternative sources of financing for infrastructure and development projects, reducing reliance on Western-led institutions. Another key ambition is promoting the use of local currencies in trade to lessen dependence on the U.S. dollar, a process often called de-dollarization.
India's Strategic Balancing Act
For India, BRICS is a crucial platform for advancing its foreign policy goal of "strategic autonomy." It allows New Delhi to champion the interests of the Global South while maintaining relationships with both BRICS members and Western partners like the United States through forums like the Quad. India does not view BRICS as an anti-Western bloc but rather as a vehicle to rebalance the existing world order from within. As India holds the BRICS presidency in 2026, with a summit in New Delhi, its agenda focuses on practical cooperation in areas like digital payments, supply chain resilience, sustainable development, and innovation. This people-centric approach aims to use India's strengths, such as its Digital Public Infrastructure like UPI, to foster tangible benefits for member states.
Why BRICS Matters Now More Than Ever
The recent expansion and ambitious agenda have made BRICS a significant force in geopolitics. The group is no longer just a loose collection of emerging economies but a formalised bloc actively working to create a multipolar world—one where power is distributed among multiple major countries rather than dominated by one. Its efforts toward de-dollarization, while gradual, are a direct challenge to the current international financial system. By creating parallel institutions and promoting non-dollar trade, BRICS is building an alternative economic and political architecture. As global tensions rise and alliances shift, BRICS represents a powerful coalition of non-Western nations seeking to reshape the rules of global governance and secure a more prominent role for themselves.
