BRICS

BRICS began as an economic concept coined by Goldman Sachs analyst Jim O'Neill in 2001 to group the fastest-growing emerging markets: Brazil, Russia, India, and China (BRIC). The four countries formalised the grouping with an annual summit in 2009; South Africa joined in 2010 to form BRICS. Despite divergent political systems and interests, member states share a common goal of reforming global governance institutions — the IMF, World Bank, and UN Security Council — to better reflect the post-Cold-War distribution of economic power. A BRICS Development Bank (New Development Bank) was established in 2015. In 2024 the grouping expanded to include Iran, Saudi Arabia, the UAE, Egypt, Ethiopia, and Argentina (which later withdrew), nearly doubling its membership and representing over 45% of the world's population.

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