From BRIC To BRICS+: How A 2001 Economic Idea Became A Global Power Bloc

New Delhi assumed the BRICS chairship on January 1, 2026, with the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.

09 Sep 2026, 17:54 · NDTV

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India will host the BRICS summit in New Delhi on September 12-13, 2026, chairing for the fourth time
BRICS now includes 10 members and covers 49 per cent of the world population and 40 per cent of global GDP
The bloc has no permanent secretariat and rotates chairmanship annually among member countries

What is the purpose of the New Development Bank?

India will host the BRICS summit in New Delhi on September 12-13, marking the fourth time India has chaired the grouping. It has taken charge of BRICS at a time when the grouping has grown far beyond its original four-member idea.

New Delhi assumed the BRICS chairship on January 1, 2026, with the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.

The expanded bloc now accounts for around 49 per cent of the world's population and about 40 per cent of global GDP on a purchasing power parity basis.

India's own trade with BRICS countries has also grown sharply. Its exports to the grouping rose 48.8 per cent, from USD 64.3 billion to USD 95.7 billion.

BRICS Started With A Goldman Sachs Economist

In 2001, Goldman Sachs economist Jim O'Neill coined the term BRIC for Brazil, Russia, India and China. He identified the four as rapidly growing economies that could emerge as major global economic powers by 2050.

The idea was based largely on their expanding GDP, huge populations and growing influence.

The four countries gradually turned the economic concept into a platform for cooperation. Foreign ministers began holding informal meetings, and eventually paved the way for a leaders' summit.

That first summit took place in Russia's Yekaterinburg in 2009. A year later, South Africa joined the bloc, adding the 'S' to BRIC and creating BRICS.

A Challenge To The Western-Led Order

Although the bloc began as a cooperation between emerging economies it slowly acquired a much bigger geopolitical meaning.

BRICS members have repeatedly called for a more multipolar world and a stronger voice for developing nations, particularly countries of the Global South.

The grouping has also sought to build financial institutions that can reduce dependence on the existing Western-led system.

One of its biggest moves was the creation of the New Development Bank, which finances infrastructure and development projects. BRICS also established a financial safety mechanism intended to provide support during economic crises, taking on functions that overlap with those of the International Monetary Fund.

There has even been talk of creating a BRICS currency to reduce dependence on the US dollar.

Expansion Of The Bloc

BRICS now has 10 members -- Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia, which became a member last year.

Saudi Arabia was supposed to join in 2024 but has not made a final decision, even though the BRICS website continues to list the Kingdom as a member.

The grouping has also created a partner-country category, with Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Vietnam, Uganda and Uzbekistan among them.

Unlike many major international organisations, BRICS has no founding treaty, permanent headquarters or dedicated secretariat but has an economic weight that is difficult to ignore.

The chairmanship rotates annually between member countries, giving each member a chance to shape the group's agenda.

BRICS' expansion has also come with political complications and not all countries made it in. Turkey's attempt to join was reportedly blocked by India over Ankara's close ties with Pakistan.

Argentina, meanwhile, had applied to join but withdrew its application in December 2023 after President Javier Milei's government opted to maintain closer ties with the West.

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