BRICS

Key Highlights:

• BRICS is a geopolitical bloc of 11 major emerging economies, representing 49.5% of the global population and 40% of global GDP.
• The grouping originated as 'BRIC' in 2001 (coined by Goldman Sachs) and formalized in 2006, with South Africa joining in 2010.
• A major expansion in January 2024 and 2025 brought in Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia, alongside 10 Partner Countries.
• India will chair BRICS for the fourth time in 2026, hosting the 18th BRICS Summit under the theme "Building for Resilience, Innovation, Cooperation and Sustainability."
• BRICS aims to shape an inclusive global order, advance Global South interests, and promote a more democratic and balanced international system.

Detailed Insights:

• BRICS evolved from an economic concept to a formal platform for political, economic, and development cooperation.
• Its agenda covers diverse areas including development, finance, technology, trade, terrorism, climate change, and food/energy security.
• The 2008 global financial crisis spurred BRICS countries to advocate for a more representative international financial system.
• India's past presidencies (2012, 2016, 2021) led to key outcomes like the proposal for the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
• The 2016 Goa Summit strengthened focus on counter-terrorism, with India securing stronger language on combating terrorism and adherence to Financial Action Task Force (FATF) standards.
• The 2021 Summit saw the adoption of a unified BRICS Counter-Terrorism Action Plan and the launch of a BRICS Vaccine Research and Development Center.
• India's 2026 Chairship focuses on practical cooperation across political, economic, and people-to-people pillars.
• Key agricultural initiatives from 2026 include BRICS Centres of Excellence on Agro-Ecology, BRICS Network on Digital Agriculture, and BRICS AGRIN.
• Health initiatives include BRICS Mission for Healthy Lifestyle, BRICS Expert Working Group on Traditional, Complementary and Integrative Medicine (TCIM), and a focus on mental health.
• Sustainable development efforts include advancing traditional knowledge, promoting sustainable lifestyles, and establishing a BRICS Alliance for Green Tourism.
• Economic cooperation is bolstered by BRICS CONNECT for Skilling, BRICS MSME Cooperation Portal, BRICS Incubator Network, and a BRICS Startup Innovation Fund.
• Infrastructure and connectivity initiatives include BRICS Guiding Principles on Energy Storage and Smart Grids, BRICS Urban Mobility Hub, and a BRICS Logistics Supply-Chain Cooperation Framework.
• Trade facilitation is enhanced through a BRICS Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters and cooperation in standardization.
• The expanded membership and diverse initiatives aim to make global governance more inclusive and responsive to contemporary challenges.

Key Concepts Involved:

• BRICS: An intergovernmental organization comprising 11 major emerging economies across four continents.
• Global South: A term referring to countries in Asia, Africa, and Latin America, often characterized by developing economies and shared historical experiences.
• New Development Bank (NDB): A multilateral development bank established by BRICS states to mobilize resources for infrastructure and sustainable development projects.
• Contingent Reserve Arrangement (CRA): A framework providing short-term liquidity support to BRICS member countries to address financial instability.
• Financial Action Task Force (FATF): An intergovernmental organization that sets international standards to prevent illegal money laundering and terrorist financing.