BRICS (BRICS)

Purpose

Coordinate economic and political cooperation among major emerging economies as a counterweight to Western-dominated global institutions.

Members:

10 member states (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, UAE)

Headquarters:

No permanent headquarters (rotating annual chairmanship); New Development Bank headquartered in Shanghai, China

History

BRICS began as an informal grouping of Brazil, Russia, India and China (BRIC), a term coined by economist Jim O'Neill in 2001; the four countries held their first formal summit in 2009, and South Africa joined in 2011, forming BRICS.

Structure

• Annual Summit of Heads of State/Government
• New Development Bank (founded 2015)

Key facts

• Expanded significantly in 2024 to add Egypt, Ethiopia, Iran, Saudi Arabia and the UAE
• Operates the New Development Bank as an alternative to the World Bank and IMF for financing infrastructure and development projects

Pakistan's relationship

Not a member; has expressed interest in future membership but has not yet joined.