BRICS is an acronym for the grouping of the world’s leading emerging economies, namely Brazil, Russia, India, China, and South Africa.
The British Economist Jim O’Neill coined the term BRIC to describe the four emerging economies of Brazil, Russia, India, and China.
South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.
In 2023, the BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16 % of the global trade.
The 15th Summit of BRICS was held in Johanesberg in South Africa in 2023.
The theme for the 15th BRICS Summit is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism.
In the Summit BRICS expanded its membership from five to eleven countries.
Egypt, Iran, Saudi Arabia, UAE, Ethiopia, and Argentina joined the BRICS in 2023..