BRICS: A Rising Bloc Reshaping the Global Economy

Source: RT Arabic | Original Published At: 2026-09-11 07:20:12 UTC

Key Points

• The BRIC concept was coined in 2001 by economist Jim O'Neill to describe the rising economic potential of Russia, China, India, and Brazil.
• Political coordination began in 2006, and the first formal summit was held in 2009 in Yekaterinburg, Russia.
• South Africa joined in 2011, and the group expanded in 2024 with new members including Egypt, the United Arab Emirates, Iran, Ethiopia, and Indonesia.
• The New Development Bank was established in 2014 with an initial capital of 100 billion U.S. dollars.
• BRICS is portrayed as a major economic bloc, with a large share of global population, trade, GDP at purchasing power parity, and oil reserves.
• The bloc seeks to deepen cooperation in local currency settlements, reduce dollar dependence, promote investment, and strengthen alternative financial institutions.
• India holds the BRICS presidency in 2026 and is preparing to host the New Delhi summit on September 12-13, 2026.