From Acronym to Alliance
The term 'BRIC' was first coined in 2001 by Goldman Sachs economist Jim O'Neill to group four rapidly growing economies: Brazil, Russia, India, and China. It was purely an economic concept, highlighting their potential to shape the global economy. However,
the countries themselves saw an opportunity for greater collaboration. In 2009, their leaders held the first formal BRIC summit in Russia, transforming the label into a political dialogue forum. The group's first major expansion came in 2010 when South Africa was invited to join, and the acronym officially became BRICS. This evolution marked a clear shift from an economic grouping to an intergovernmental organisation aiming to give a stronger voice to emerging economies and advocate for a more balanced, multipolar world order.
The Great Expansion
The most significant recent development has been the group's major expansion. In 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially joined the bloc. Indonesia became a member in early 2025, and Saudi Arabia is also considered a member, bringing the total count to eleven countries. This larger group, sometimes informally called BRICS+, now represents nearly half of the world's population and a significant portion of the global economy. In addition to full members, the bloc has also welcomed several 'Partner Countries', including nations like Belarus, Kazakhstan, Malaysia, Nigeria, and Vietnam, further extending its network of cooperation.
Core Goals and Ambitions
At its core, BRICS aims to increase economic cooperation among its members and amplify their influence in global governance. A key objective is to challenge the dominance of the Western-led financial system. To this end, the group established two major financial institutions: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The NDB funds infrastructure and sustainable development projects in member countries, while the CRA provides a safety net against global liquidity pressures, acting as an alternative to the IMF. More recently, there has been a strong push for 'de-dollarization'—encouraging trade in local currencies to reduce dependence on the US dollar and developing alternative payment systems like BRICS Pay.
India's Chairmanship in 2026
India is hosting the 18th BRICS Summit in New Delhi on September 12-13, 2026, marking its fourth time chairing the group. The theme for India's chairship is “Building for Resilience, Innovation, Cooperation and Sustainability.” Under this theme, India is focusing on moving the bloc beyond political discussions toward practical cooperation. Key priorities include strengthening supply chains, promoting digital public infrastructure, and expanding cooperation in health, agriculture, and energy. India is also championing initiatives to support small and medium-sized enterprises (MSMEs) through better access to trade finance. As host, India plays a crucial role in steering dialogue, balancing the diverse interests of the expanded membership, and ensuring the group remains a cohesive voice for the Global South.
Navigating a Complex World
The latest summit in New Delhi takes place amid significant global uncertainty, with ongoing conflicts and economic challenges. Leaders including Russia's Vladimir Putin and China's Xi Jinping are attending, making it a high-stakes diplomatic event. A major test for the expanded group is its ability to find consensus on contentious geopolitical issues, such as the conflicts in West Asia. While members share a common goal of reforming global governance, their individual foreign policies and strategic interests can sometimes diverge. India's role as chair involves fostering dialogue and focusing on shared priorities to prevent internal divisions from overshadowing the group's collective agenda.
