BRICS is an acronym for the five leading economies: Brazil, Russia, India, China and South Africa. It was established in 2001, and predicted to be the fastest growing economies that would collectively dominate the global economy by 2050.
BRICS was originally formulated for the purpose of highlighting investment opportunities and had not been a formal inter-governmental organisation. However, since 2009, they have increasingly formed into a more cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies. Bilateral relations are conducted mainly on the basis of non – interference, equality and mutual benefits.
BRICS are considered the foremost rival to the G7 bloc of leading advanced economies, announcing competing initiatives such as the New Development Bank, Contingent Reserve Arrangement, BRICS payment system, and BRICS basket reserve currency. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining.
China hosted the most recent 14th BRICS summit on 24th July 2022, which South Africa will be hosting this year taking over the chairmanship of BRICS.
