Society, economy & sport

Founding of BRICS

16 June 2009

BRICS is a group of emerging economies that began as BRIC, a term coined in 2001 by the economist Jim O'Neill of Goldman Sachs for Brazil, Russia, India and China. The four governments held their first formal summit in Yekaterinburg, Russia, and South Africa was admitted in 2010, making the acronym BRICS. The group aims to increase cooperation among its members and to give developing countries a stronger voice in global affairs, and in 2014 it established the New Development Bank in Shanghai. Egypt, Ethiopia, Iran and the United Arab Emirates joined at the start of 2024, and Indonesia in 2025, and a number of other countries have applied. Its members are very different, and it is not a formal alliance.

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