Why this matters now
BRICS is tested for: its 2009 origin in the wake of the 2008 financial crisis (Jim O’Neill, Goldman Sachs, coined “BRIC” in 2001), the 2014 launch of the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA), the 2023 Johannesburg expansion to BRICS+, and India hosting the BRICS chair in 2021 + the 2025 chairmanship.
History
The term BRIC was coined by Goldman Sachs economist Jim O’Neill in 2001 in a paper “Building Better Global Economic BRICs”. The four countries first met as foreign ministers in 2006 (UNGA sidelines). The first BRIC summit was at Yekaterinburg, Russia on 16 June 2009, attended by Lula (Brazil), Medvedev (Russia), Manmohan Singh (India), Hu Jintao (China). South Africa joined in April 2011 at the Sanya summit, making it BRICS.
The 15th BRICS Summit at Johannesburg (22-24 August 2023) invited Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, UAE to join — effective 1 January 2024. Argentina’s new President Milei opted out. Saudi Arabia has not formally accepted. 16th BRICS Summit at Kazan (22-24 October 2024), chaired by Putin: 13 partner countries announced including Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, Vietnam.
New Development Bank & CRA
The New Development Bank (NDB) was established at the 2014 Fortaleza Summit with authorised capital of $100 billion and initial subscribed capital of $50 billion. HQ at Shanghai; first President was K.V. Kamath of India (2015-20); current President Dilma Rousseff (Brazil, since 2023). Lent ~$33 billion across 100 projects by 2024.
The BRICS Contingent Reserve Arrangement (CRA) is a $100 bn currency-swap pool to provide liquidity during balance-of-payments crises — China $41 bn, India/Russia/Brazil $18 bn each, South Africa $5 bn.
India @ BRICS
India hosted the 4th BRICS Summit at New Delhi (2012), 8th at Goa (2016), 13th virtually (2021). India provides 18% of NDB subscribed capital equal to China/Russia/Brazil. India advocates for: a fair UNSC reform, IMF quota reform, alternatives to dollar-denominated trade. India has resisted Chinese push for BRICS common currency. India will chair BRICS in 2025 — theme “Strengthening Multilateralism for Just Global Development and Security”.
UPSC angle
Know BRICS — Brazil-Russia-India-China-South Africa (SA joined Sanya 2011); term BRIC coined Jim O’Neill Goldman Sachs 2001 paper “Building Better Global Economic BRICs”; first summit YEKATERINBURG Russia 16 June 2009 (Lula+Medvedev+Manmohan Singh+Hu Jintao); 15th JOHANNESBURG 22-24 Aug 2023 invited Argentina (later opted out, Milei) + Egypt + Ethiopia + Iran + Saudi Arabia + UAE effective 1 Jan 2024 = BRICS+; 16th KAZAN 22-24 Oct 2024 (Putin) added 13 partner countries; NEW DEVELOPMENT BANK est. 2014 Fortaleza Summit HQ SHANGHAI auth $100 bn, 1st President K.V. KAMATH India 2015-20, current Dilma Rousseff Brazil 2023–; Contingent Reserve Arrangement $100 bn (China $41 bn + India/Russia/Brazil $18 bn each + SA $5 bn); India hosted Delhi 2012, Goa 2016, virtual 2021, will chair 2025; India resists Chinese push for BRICS common currency.
Frequently asked questions
When was BRICS founded?
The first BRIC summit was held at Yekaterinburg, Russia on 16 June 2009. South Africa joined in 2011 at the Sanya summit (making it BRICS).
Who coined the term BRIC?
Jim O’Neill of Goldman Sachs in a 2001 paper “Building Better Global Economic BRICs”.
What is the New Development Bank?
A multilateral development bank established by BRICS in 2014 at the Fortaleza Summit. Headquartered at Shanghai with authorised capital of $100 bn. Its first President was K.V. Kamath of India.
Who are BRICS+ members?
The original 5 (Brazil, Russia, India, China, South Africa) + Egypt, Iran, UAE, Ethiopia (all joined 1 January 2024). Saudi Arabia’s formal accession remains ambiguous.