What is BRICS? | BRICS Full Form | BRICS Term

BRICS is an intergovernmental organization comprising nine countries – Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. BRICS was originally identified to highlight investment opportunities. The grouping evolved into a geopolitical and geoeconomic bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.
The founding countries of Brazil, Russia, India, and China held the first leaders summit in Russia in 2009 under the name BRIC. Following a renaming of the organization, South Africa attended its first summit as a member in 2011 after joining the group in 2010. Iran, Egypt, Ethiopia, and the United Arab Emirates attended their first summit as member states at the 2024 summit in Russia. The acronym BRICS+ has been informally used reflecting new membership.
BRICS institutions are considered an alternative to institutions such as those led by nations of the G7 bloc comprising some of the leading economies. Together BRICS has implemented competing initiatives such as the New Development Bank, the BRICS Contingent Reserve Arrangement, BRICS pay, the BRICS Joint Statistical Publication and the BRICS basket reserve currency. BRICS has received both praise and criticism from numerous commentators and world leaders.