BRICS, an acronym representing Brazil, Russia, India, China, and South Africa, traces its roots back to the early 2000s when the concept emerged from an investment thesis by Goldman Sachs. This thesis identified these four countries—Brazil, Russia, India, and China—as emerging economic powerhouses with the potential to reshape the global economy. The initial term coined for this grouping was "BRIC."
In 2006, the first formal summit of the BRIC countries was held in Russia. During this summit, the leaders of these nations discussed their shared economic interests, challenges, and opportunities. This gathering laid the foundation for what would eventually become the BRICS coalition.
The inclusion of South Africa in 2010 marked a significant expansion of the group, both in terms of geographical representation and economic diversity. South Africa's addition transformed BRIC into BRICS, reflecting the coalition's broader scope and inclusivity.
Since its formation, BRICS has evolved into a key player in the global economic and political arena. Through regular summits, meetings, and collaborative initiatives, member countries have worked together to promote economic cooperation, political alignment, and mutual development.
The history and formation of BRICS highlight the shared aspirations of emerging economies to assert their influence on the world stage. Despite differences in culture, geography, and political systems, these nations have come together with a common goal of fostering greater economic integration, promoting sustainable development, and advocating for the interests of emerging economies in global affairs.
As BRICS continues to evolve, its history and formation serve as a reminder of the collective potential and resilience of emerging economies in shaping the future of our interconnected world. Through dialogue, cooperation, and joint action, BRICS aims to address common challenges, seize opportunities for growth, and contribute to a more prosperous and equitable global order.