BRICS is an acronym for five major emerging economies comprising Brazil, Russia, India, China, and South Africa. Initially, the first four countries were grouped as “BRIC” in 2001 by Goldman Sachs economist Jim O’Neill, who coined the term to describe fast-growing economies that would collectively dominate the global economy by 2050. South Africa joined the group in 2010, and the name was changed to BRICS [2,5]. The BRICS alliance was initiated in 2006 as a regular informal diplomatic [6] platform to create a more equitable and multipolar world order. The primary purpose of the group is to bring about cooperation, trade, and investment among its members [3,7]. The first BRICS summit was held in Russia in 2009 [1]. Since then, the summit has been held annually in different locations. The ninth BRICS Summit was held in Xiamen, China, in 2017, and the upcoming BRICS summit is expected to be held in India [4,8].
The impact of BRICS on the global economy is significant. As of 2021, the BRICS nations accounted for over 40% of the world’s population and a quarter of the global GDP [8]. BRICS nations have achieved significant economic growth and are expected to increase their share of the world GDP [3]. The group aims to play a more significant role in the global economy and influence global governance [3]. BRICS members have also collaborated on several global issues, including climate change, terrorism, and global trade [7].
In terms of leadership, BRICS has a rotating chairmanship, with each member state taking the lead for a year. The current chairmanship is held by India, which took over from China in 2022 [8]. The group’s perceived importance varies among different stakeholders. Some view BRICS as a platform for promoting cooperation and mutual interests among emerging economies, while others see it as a potential challenge to the existing global economic order [9]. The perception of BRICS also depends on the issues that the group addresses, such as trade, investment, or climate change.
BRICS has a shared future, and it is expected that the group will continue to have a larger share of the world GDP and influence global governance [3]. In summary, BRICS is a group of major emerging economies aimed at promoting cooperation, trade, and investment among its members. It has a significant impact on the global economy and has collaborated on several global issues. The group’s perceived importance varies among different stakeholders and depends on the issues that it addresses.