BRICS Grouping
Evolution, Expansion, and India's 2026 Chairmanship
BRICS originated as "BRIC" — an investment thesis coined by Goldman Sachs economist Jim O'Neill in 2001, grouping Brazil, Russia, India, and China as high-growth emerging economies. The first formal BRIC leaders' summit was held in Yekaterinburg, Russia, in June 2009; South Africa joined in 2010 to form BRICS. The grouping is not a formal alliance but an informal multilateral forum for policy coordination. The New Development Bank (NDB), established in 2015 with HQ in Shanghai, is BRICS's most significant institutional creation — it finances infrastructure and sustainable development projects in member and other emerging economies. In 2024, BRICS expanded significantly: Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and UAE became members. India chairs BRICS in 2026, with the theme "Building for Resilience, Innovation, Cooperation and Sustainability." The expanded membership, which now includes Iran, Saudi Arabia, UAE, and Egypt alongside the original five, gives BRICS a footprint across the Middle East energy landscape.
- BRIC concept coined: 2001 (Jim O'Neill, Goldman Sachs)
- First BRIC leaders' summit: June 2009, Yekaterinburg
- South Africa joined: 2010 (making it BRICS)
- NDB (New Development Bank): established 2015, HQ Shanghai; initial authorised capital $100 billion
- 2024 BRICS expansion: Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, UAE
- Current BRICS membership: 10 nations
- India's 2026 chairmanship theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- India's 2026 BRICS priorities: Global South issues, Digital Public Infrastructure (DPI), AI governance
● Tracked since March 16, 2026 · last seen September 08, 2026 · updates as the daily brief publishes