BRICS is an acronym for the group of leading emerging market economies in the world, namely Brazil, Russia, India, China, and South Africa. This association was formed with the aim of cohesively bolstering the economic growth of these nations. Their cooperation has broadened over the past ten years to incorporate an annual programme of over 100 sectoral meetings.
The organisation's primary objective is to fortify the global positioning of these five major emerging powers by actively collaborating with each other. As articulated in their official strategies, the BRICS nations strive for inclusive economic growth to eradicate poverty, address unemployment, and promote social integration (the BRICS core objective).
Furthermore, they endeavour to solidify efforts to guarantee high-quality growth by fostering innovative economic development underpinned by technology and skills development.
Also, they express their commitment to engaging more robustly and cooperating with countries not currently part of the organisation.
One highlight of their other objectives is the proposed development of settlements in national currencies to spur economic growth. This should become one of the areas of partnership for joint economic growth.
These goals and their achievement will give new impetus to global economic cooperation. Notably, trade and investment ties with low-income nations and BRICS have acted as a crucial pillar of support since the global financial crisis.
In light of increasing cooperation, BRICS nations have convened annually at official summits since 2009. Owing to the risks posed by the coronavirus, the 2020 and 2021 assemblies were held virtually. The XIV Summit was hosted by China on June 23–24, 2022, and the XV Summit was held in Durban, South Africa, on August 22–24, 2023.
These high-profile meetings serve as a platform for discussing salient issues on the common agenda and tackling existing challenges. Every summit culminates in the adoption of a leaders' declaration that encapsulates key takeaways. Additionally, BRICS also coordinates about 100 events, with 15 of them being ministerial-level meetings.
In recent years, an increasing number of states have demonstrated their intent to join BRICS, with approximately 20 countries expressing interest. These countries, including but not limited to Turkey, Mexico, and Indonesia, play significant roles within their respective regions. Their inclusion could serve as fertile ground for partnerships aimed at sustained economic growth.
At the XV Summit, the BRICS countries decided to invite six countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—to become new members of the grouping. It will be the first expansion since 2010, and the new candidates will be admitted as members on January 1, 2024.