In simple terms
BRICS is a grouping of major emerging economies that meet to coordinate on trade, finance, security and development.
The name began as an investment label. Goldman Sachs coined BRIC in 2001 for Brazil, Russia, India and China. The countries themselves later turned the label into a working forum.
How it works
South Africa joined in 2010 and supplied the S. A much larger expansion followed. Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates joined in January 2024, and Indonesia in January 2025, taking the group to eleven members.
Ten partner countries were added in 2025: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Partners take part in a structured way without holding full membership.
Members take the chair in turn for a year, and the chair hosts the annual leaders’ summit. India held the chair in 2026, its fourth turn.
The group’s main institution is the New Development Bank. Leaders agreed it was feasible in 2013 and signed the founding agreement at the Fortaleza summit in 2014. The bank became fully operational in 2016 and moved to a permanent headquarters in Shanghai in 2021.
Why it matters
On India’s official count, the eleven members hold about 49.5 percent of the world’s population, 40 percent of global output and 26 percent of global trade.
That weight is why BRICS statements on payment systems, development finance and technology draw attention, even when members disagree among themselves.
Where you’ll see it
- Coverage of the annual leaders’ summit
- Debates about alternatives to dollar based payment systems
- Infrastructure lending by the New Development Bank
- Comparisons with the G7 and the G20
Example
India hosted the 18th BRICS summit in New Delhi on September 12 and 13, 2026, under the theme “Building for Resilience, Innovation, Cooperation and Sustainability”.
Often confused with
BRICS is not the same thing as the New Development Bank. The bank is a separate institution with its own membership, which includes countries outside BRICS such as Bangladesh, Uruguay and Colombia.
Key facts
- The acronym BRIC was coined in 2001 by Goldman Sachs, and South Africa joined the grouping in 2010 to make BRICS.1
- As of 2026 BRICS has eleven members: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.1
- Members account for about 49.5 percent of global population, 40 percent of global GDP and 26 percent of global trade.1
- Ten partner countries were added in 2025, a status that allows structured engagement without full membership.1
- The New Development Bank agreement was signed at the sixth BRICS summit in Fortaleza in 2014, the bank became fully operational in 2016, and it moved to its permanent headquarters in Shanghai in 2021.2
Related concepts
In the news
Quick checkWhat does the S in BRICS stand for, and when was it added?Show answer
South Africa, which joined the grouping in 2010.
Sources
- Press Information Bureau, Government of India. BRICS: backgrounder for the 18th BRICS Summit. 10 September 2026 (accessed 16 September 2026)
- New Development Bank. History. Undated (accessed 16 September 2026)
Editorially reviewed by Specialty Digest Editorial TeamLast reviewed September 16, 2026Researched and drafted with AI assistanceReport an issue