How BRICS went from a Goldman Sachs idea to a geopolitical force. WION DECODES
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BRICS Summit 2026
It is in 2006 the foreign ministers of the BRIC countries first met on the sidelines of the UN General Assembly, which was followed by BRIC leaders' summit in Russia, in 2009.
The 18th BRICS Summit will be held at Bharat Mandapam in New Delhi under India’s 2026 chairmanship from 12–13 September. Officials say it will bring together the bloc’s 11 members, partner countries and outreach invitees. The theme of the Summit this year is “Building for Resilience, Innovation, Cooperation and Sustainability”.
So, as India gears up to host the BRICS Summit, we take a look at how the group was formed and the purpose of the block.
BRIC origin
BRIC was originally an economic concept that later transformed into a political and diplomatic grouping. In 2001 Jim O'Neill, then chief economist at Goldman Sachs identified four large emerging economies Brazil, Russia, India and China that he believed would play an increasingly important role in the global economy.
Later the BRIC countries saw potential in cooperating on issues such as:
- Reforming global financial institutions like IMF and World Bank
- Increasing the influence of emerging economies
- Expanding trade and investment among themselves
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It is then that in 2006 the foreign ministers of the BRIC countries first met on the sidelines of the UN General Assembly. About three years later, the first BRIC leaders' summit was held in Yekaterinburg, Russia, in 2009.
BRIC becomes BRICS
A year later, in 2010, BRIC countries invited South Africa to join the group, and from 2011 onward the acronym became BRICS, with the "S" standing for South Africa.
Since then it has continued to grow. Beginning in 2024, the group admitted several new members with the aim of strengthening cooperation among emerging and developing economies and promoting a more multipolar international order.
Purpose of the block
Promote economic cooperation and trade has been one the major ideas of the BRICS. Reforming global governance institutions and increase the voice of developing countries in international affairs has been the other motive of the group.
It also encourages investment through institutions such as the New Development Bank, formerly referred to as the BRICS Development Bank, a multilateral development bank established by the BRICS nations.
Cooperation on issues related to energy, technology, health, and sustainable development is also BRICS' main point of focus.
Today, BRICS with a significant share of the world's population, economic output, and natural resources is one of the most influential block among the emerging economies.
