The organization, which expanded in 2024 with the addition of Egypt, Ethiopia, Iran, and the United Arab Emirates, represents 45 percent of the world’s population and a third of global GDP. Under Russia’s chairmanship, various initiatives to increase the use of national currencies and strengthen financial mechanisms are at the forefront.
BRICS is an informal grouping of large, rapidly developing economies.
Originally known as “BRIC,” an acronym for Brazil, Russia, India, and China, the organization was renamed “BRICS” in 2010 with the addition of South Africa.
Starting in 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) will also be official members. Despite their different cultures, political systems, and economic models, these countries aim to develop together and strengthen their position on the global stage.
BRICS now accounts for about a third of the world’s gross domestic product (GDP) and 45 percent of the world’s population. The member nations are also participants in international organizations such as the G20, the United Nations, the World Trade Organization, the Non-Aligned Movement, and the Group of 77, as well as numerous regional associations.
The organization’s activities are coordinated at an annual summit hosted by a different member country each year. Russia assumed the BRICS presidency on January 1, 2024.
History of BRICS
The concept of BRICS was first proposed in the early 2000s by Goldman Sachs analysts, who predicted that the economic growth of Brazil, Russia, India, and China would have a major impact on the global economy in the coming years.
The first meeting of the group was held on September 20, 2006, at the initiative of Russian President Vladimir Putin on the sidelines of the 61st session of the United Nations General Assembly. It was attended by the foreign ministers of Brazil, Russia, and China, as well as the defense minister of India. The countries expressed their interest in expanding multilateral cooperation.
The first BRIC Summit was held in Ekaterinburg in 2009. The joint declaration issued at the end of the summit emphasized that cooperation among BRIC countries not only serves the common interests of developing economies but also contributes to world peace and prosperity.
The group’s goal was to create a platform for cooperation in areas such as trade, investment, infrastructure projects, energy efficiency, new technologies, and culture.
BRICS relations are based on the UN Charter, universal principles, and norms of international law. The basic principles of BRICS—openness, pragmatism, solidarity, non-alignment, and neutrality towards third parties—were adopted at the 2011 summit.
Aims and objectives of BRICS
Today, BRICS is pursuing several key objectives:
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Economic cooperation: The BRICS countries aim to create a sustainable economic environment for all participants. Priorities include improving trade relations, promoting investment, expanding infrastructure projects, and combating poverty and social inequality. The group also aims to increase the use of national currencies in mutual agreements.
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Political dialogue: The countries support multipolarity in the international arena and work to define common positions on key issues. In July 2024, Russian President Vladimir Putin approved the creation of a parliamentary structure within BRICS, announced at the BRICS Parliamentary Forum.
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Social development: BRICS members seek to improve health, education, and social protection in their respective countries. For example, the BRICS countries have launched a program to combat infectious diseases through data sharing, joint clinical trials, and the development of new vaccines. In 2023, a malaria vaccine developed by scientists from India and South Africa, with a 90 percent success rate, was introduced in many African countries.
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Scientific and technological cooperation: BRICS places great emphasis on innovation and technological advancement. In 2023, the International Research Centre for Artificial Intelligence was opened in Russia in cooperation with universities and companies from BRICS countries. The center hosts major projects such as the development of intelligent systems for healthcare and industry. Investments in this area are expected to exceed $10 billion by 2025.
BRICS institutional organization
BRICS activities are not limited to annual summits. Many working groups and councils within the organization carry out the tasks defined at these summits. Among these structures, the Council of Expert Centres, the Business Council, and the Science Council stand out.
Additionally, various events are organized, such as BRICS+, the International Municipal Forum, the Parliamentary Forum, and the International Innovation Forum. These forums will be held in Russia in 2024.
Two financial institutions that deserve special attention are the Foreign Exchange Reserve Pool and the New Development Bank (NDB). These institutions play a critical role in maintaining financial stability and financing infrastructure projects in member countries. The Foreign Exchange Reserve Pool, established to ensure financial stability, has a capital of $100 billion.
The New Development Bank, meanwhile, aims to strengthen financial cooperation between member countries and support infrastructure projects. The bank is chaired by former Brazilian president Dilma Rousseff. It has approved renewable energy and infrastructure projects worth around $8 billion and has financed 98 projects totaling $33.2 billion.
Russia’s presidency
In 2024, Russia is hosting several important BRICS-related events. These include the BRICS Foreign Ministers’ Meeting in Nizhny Novgorod, extended meetings with representatives of the Global South and East, and meetings with the heads of supreme courts, law enforcement agencies, and space agencies. An international bipartisan forum was held in Vladivostok.
Russian Foreign Ministry spokeswoman Maria Zakharova has stated that, in accordance with the decisions of the Johannesburg Summit, BRICS will continue to work on creating financial mechanisms resistant to external risks and increasing the use of national currencies in BRICS trade and investment transactions.
Additionally, Kazan, the capital of Tatarstan, will host the 16th BRICS Summit from October 22-24, 2024.
In June, Kazan also hosted the BRICS Games, where athletes from 50 countries participated in competitions across 25 sports held at 12 different venues.
