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BRICS

BRICS is an acronym used to talk about the countries of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, Indonesia and the United Arab Emirates. Many economists think that all these countries are at a similar stage of economic development. When people write about these countries, they usually write "BRICS" or the "BRICS countries".

BRICS
250px
Formation16 June 2009; 16 years ago (2009-06-16)
TypeIntergovernmental organization
Purpose/focusPolitical and economical
Membership
10 member states
Websitebrics-russia2024.ru

The acronym was invented by Jim O'Neill, an economist who worked for Goldman Sachs. In 2001, O'Neill wrote an article that he called "Building Better Global Economic BRICs".[1][2][3]

Mexico and South Korea were the only other countries with economies that are like the BRICs. O'Neill did not include these countries because they were considered already more developed, as they were already members of the OECD.[4]

They also proposed to have a “partnership model” for other countries and talked about starting a common currency. They planned to use the US dollar less.[5]

Countries that are called "partnership countries"

These countries could gain full membership later, but they are not full members. As of 2025's second quarter:

Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, Vietnam

Leaders

Leaders as of 2025's first quarter

Countries that have applied for membership

A total of 15 countries have formally applied to join BRICS, listed as follows:[6]

BRICS Media

  • New Development Bank HQ Shanghai.jpg

    The New Development Bank, headquartered in Shanghai, China, is the premier institution of BRICS.

  • NDB-HQ-LOGO.jpg

    New Development Bank's logo

  • South African President Cyril Ramaphosa and other BRICS representatives during the 15th BRICS summit in Johannesburg, 23 August 2023

  • 2024 BRICS Games in Russia

  • 9YAN 5350 (52766002359).jpg

    Meeting of BRICS foreign ministers on 22 September 2022

  • 2024 BRICS Summit (1729759568).jpg

    Kazan hosted the first plenary session of the 16th BRICS Summit in the Outreach/BRICS+ format

  • BRICS AND G7 GDP Nominal share between 1990 to 2024.png

    A graph illustrating the estimated nominal GDP (Nominal) share of the BRICS and G7 countries from 1990 to 2025

  • Percent of share of G7 and BRICS GDP (PPP) in world economy as from 1990 to 2022

  • 20045-Shanghai-Pano (cropped).jpg

    The New Development Bank (NDB) is based in Shanghai.

  • Signing of documents at 6th BRICS Summit.jpeg

    The New Development Bank (NDB) and Contingent Reserve Arrangement (CRA) were signed into treaty at the 2014 BRICS summit in Brazil.

References

  1. ↑ Kowitt, Beth (2009-06-17). For Mr. BRIC, nations meeting a milestone. CNNMoney.com. http://money.cnn.com/2009/06/17/news/economy/goldman_sachs_jim_oneill_interview.fortune/index.htm. Retrieved 2009-06-18. 
  2. ↑ Global Economics Paper No. 99, Dreaming with BRICs Archived 2008-10-26 at the Wayback Machine and Global Economics Paper 134, How Solid Are the BRICs?
  3. ↑ Economist's Another BRIC in the wall 2008 article
  4. ↑ "How Solid are the BRICs?" (PDF). Global Economics. Archived from the original (PDF) on 2011-07-17. Retrieved 2010-09-21.
  5. ↑ Cotterill, Joseph (2023-08-24). "Brics leaders invite 6 nations including Saudis and Iran to join bloc". Financial Times. https://www.ft.com/content/30f96f4c-e5a6-452c-a283-265c558b0cf2. Retrieved 2023-08-25. 
  6. ↑ Prange, Astrid (27 Mar 2023). "A new world order? BRICS nations offer alternative to West – DW – 04/10/2023". dw.com. Retrieved 24 Aug 2023.
  7. ↑ "Five Arab states plus Iran among 19 nations ready to join BRICS". The Cradle. 30 April 2023. https://thecradle.co/article-view/24119/five-arab-states-plus-iran-among-19-nations-ready-to-join-brics. 
  8. ↑ Devonshire-Ellis, Chris (20 June 2023). Bangladesh Formally Applies To Join BRICS. https://www.silkroadbriefing.com/news/2023/06/20/bangladesh-formally-applies-to-join-brics. Retrieved 22 June 2023. 
  9. ↑ Belarus says it has applied to join BRICS club, RIA reports. 25 July 2023. https://www.reuters.com/world/europe/belarus-says-it-has-applied-join-brics-club-russian-ria-agency-2023-07-25/. 
  10. ↑ Ramos, Daniel (31 July 2023). Bolivia president to attend BRICS summit in bid for new investment. https://www.reuters.com/world/americas/bolivia-president-attend-brics-summit-bid-new-investment-2023-07-31/. 
  11. ↑ Omirgazy, Dana (5 June 2023). "Kazakhstan Seeks to Join BRICS and Enhance Trade and Economic Cooperation". Astana Times. https://astanatimes.com/2023/06/kazakhstan-seeks-to-join-brics-and-enhance-trade-and-economic-cooperation/. 
  12. ↑ "South Africa: 8 Arab countries request to join BRICS". Middle East Monitor. 15 August 2023. https://www.middleeastmonitor.com/20230815-south-africa-8-arab-countries-request-to-join-brics/. 
  13. ↑ "Pakistan seeks BRICS membership, despite India roadblock". Al Jazeera. 24 November 2023. https://www.aljazeera.com/news/2023/11/24/pakistan-seeks-brics-membership-despite-india-roadblock. 
  14. ↑ Ahmed Alqarout (28 August 2023). "Is BRICS really the lifeline Palestine needs?". www.aljazeera.com.
  15. ↑ 15.0 15.1 Wang Yi Chairs Dialogue of Foreign Ministers between BRICS and Emerging Markets and Developing Countries. June 2023. https://www.fmprc.gov.cn/mfa_eng/wjb_663304/wjbz_663308/activities_663312/202205/t20220520_10690435.html. 

Bibliography

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