The concept of the BRICS group began in 2006 during a meeting of the foreign ministers of Russia, Brazil, India, and China. It quickly evolved, and the first summit was held in 2009, after which South Africa joined, forming what is now known as BRICS.
Economic Power
The BRICS nations account for 40% of the world’s land area and 42% of its population, contributing 26% of global GDP and controlling 18% of international trade. The group includes major economies such as China, India, and Russia, alongside Brazil and South Africa, which are experiencing significant economic growth.
A New Global Economic System
Amid the Russia-Ukraine war, there has been growing interest in BRICS as a global economic force, particularly after the “BRICS Plus” initiative, which seeks to expand the group’s membership by including new countries.
