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From a Goldman Sachs Acronym to a Geopolitical Force: The Evolution of BRICS

Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: EUROPE SAYS | Original Published At: 2026-09-07 10:22:26 UTC

Key Points

  • India will host the 18th BRICS Summit in New Delhi on September 12-13, 2026.
  • BRICS originated from the BRIC acronym coined by Goldman Sachs economist Jim O'Neill in 2001 and later became a diplomatic grouping.
  • The platform expanded from four members to 11, with South Africa joining in 2011 and Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, and Indonesia joining later.
  • BRICS established institutions including the New Development Bank and the Contingent Reserve Arrangement to support financing and financial stability.
  • Members differ on BRICS' strategic direction and relations with the West, but the grouping serves as a platform for emerging economies seeking greater global governance representation.
  • Under its 2026 chairmanship, India is expected to promote cross-border payments in national currencies and digital payment links rather than a common BRICS currency.
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