BRIC is an acronym coined by Jim O’Neill, a former Chief Economist at Goldman Sachs, who in 2001 filed a research report titled Build Better Global Economic BRICs. In this report, he highlighted the exceptional economic potential of the member countries, predicting that they would become major players in the global economy. The original members of BRICS, including Brazil, Russia, India, China, and later South Africa, are among the fastest-growing economies in the emerging market due to their low labour costs, favourable demographics such as a large and able workforce, and an abundance of natural resources.
The mandate of the organisation is rooted in multilateralism, aiming to give countries from emerging economies more recognition in the global economy. Through the bloc, there is a promotion of dialogue and cooperation between states, with transparency in order to create a new world order that emphasises inclusivity and representation. BRICS stands on three pillars of cooperation: political and security, economic and financial, and cultural and people-to-people. Its foundation seeks to provide equitable solutions for skewed economic reforms and policies previously enforced by the World Bank and the International Monetary Fund and the overall economic system.
The grouping meets on an annual basis, with the heads of state seeking to build cooperation. Informal meetings began in 2006 while the members were attending a UN General Assembly in New York, but the first official meeting took place on June 16, 2009, in Yekaterinburg, Russia. The first expansion occurred at the BRIC Foreign Ministers’ meeting in New York in September 2010, after which South Africa attended its first annual meeting in 2011, recognizing its potential and growing role on the African continent. Subsequently, the name changed to BRICS at the 3rd BRIC Summit in Sanya, China, on April 14, 2011, under former President Zuma’s administration.
The Summits are listed below (in order):
BRICS serves as a key advocate for the Global South by promoting economic collaboration, pushing for global governance reforms, and strengthening South-South cooperation. The bloc was established to represent emerging economies and provide an alternative to the Western-dominated financial systems like the IMFand World Bank. Through the New Development Bank (NDB), BRICS offers financing for infrastructure and development projects tailored to the needs of developing nations, without the political strings often attached by Western institutions. This gives countries in the Global South greater flexibility and autonomy in pursuing their development goals.
A major focus for BRICS is the reform of global institutions like the United Nations, IMF, and World Bank. These institutions, largely shaped by Western powers, often overlook the interests of developing nations. BRICS advocates for a fairer system of global governance that gives a stronger voice to countries, particularly those in the Global South, calling for changes such as permanent representation for countries like India and Brazil on the **UN Security Council** and revised voting powers within the IMF.
Diplomatically, BRICS provides a platform for developing nations to present a unified stance on global issues such as climate change, trade inequality, and economic development. By promoting **non-interference in domestic affairs**, BRICS appeals to many Global South nations that are wary of Western intervention. This shared diplomatic position helps countries in the Global South negotiate more effectively on the global stage.
In addition to economic and political influence, BRICS encourages **South-South cooperation** by facilitating knowledge and technology sharing among its members and other developing nations. Countries like Brazil and India have provided expertise in agriculture, healthcare, and digital innovation, helping other developing countries improve key sectors without relying on Western resources.
Overall, BRICS acts as a counterbalance to Western dominance in global affairs, offering the Global South new pathways for economic growth, diplomatic influence, and development. By advocating for a more multipolar world order, BRICS empowers developing nations to have a stronger voice in shaping global rules and policies.