BRICS: understand what the bloc is, who its members are and what it is for

Between July 6 and 7, the city of Rio de Janeiro will host the BRICS Summit . Representatives from member countries will travel to the capital of Rio de Janeiro to discuss the geopolitical scenario amid trade tensions and conflicts in the Middle East and Ukraine.

BRICS is not an economic bloc, like Mercosur or the EU (European Union), and therefore does not have a formal statute of rules or a charter of principles.

The group is a mechanism for international cooperation, through which allied countries seek to coordinate common interests, so that the group is a center for discussions among its members.

Formed by the world's main emerging economies, BRICS seeks to strengthen its relevance in geopolitics and the international economy.

Origins

The term "Bric" was coined in 2001 by then Goldman Sachs chief economist Jim O'Neil. In a study entitled “Building Better Global Economic BRICs”, the acronym was coined to recognize the dynamic economic growth of Brazil, Russia, India and China.

Subsequently, the aforementioned countries did in fact meet and establish a cooperation forum. The initial purpose was to foster debate on crucial issues on the international agenda and to consolidate common positions.

The group's first official meeting took place in 2006, in New York, on the sidelines of the United Nations General Assembly, with the presence of the foreign ministers of each group.

Following the 2008 financial crisis, the then four countries intensified their joint action within consolidated international organizations, such as the G20, the IMF (International Monetary Fund) and the World Bank.

BRICS advocates for reforms in international financial governance , aiming to reflect the increasing relevance of emerging countries in the global economy .

The first Summit of Heads of State, in turn, was held in 2009, in the Russian city of Yekaterinburg.

In 2011, South Africa was included in the group. In efforts to consolidate BRICS as a spokesperson for emerging countries, in 2023, the group included in its formation Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, and Iran . Earlier this year, Indonesia was confirmed as a full member of BRICS .

With information from Reuters