BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as “BRIC” (or “the BRICs”), before the induction of South Africa in 2010.[1] The BRICS members are known for their significant influence on regional affairs; all are members of G20.[2] Since 2009, the BRICS nations have met annually at formal summits. China hosted the 9th BRICS summit in Xiamen on September 2017,[3] while Brazil hosted the most recent 11th BRICS summit on 13-14 November 2019.
In 2015, the five BRICS countries represented over 3.1 billion people, or about 41% of the world population; four out of five members (excluding South Africa at #24) were in the top 10 of the world by population. As of 2018, these five nations had a combined nominal GDP of US$18.6 trillion, about 23.2% of the gross world product, a combined GDP (PPP) of around US$40.55 trillion (32% of World’s GDP PPP), and an estimated US$4.46 trillion in combined foreign reserves.[4][5] The BRICS have received both praise and criticism from numerous commentators.[6][7][8] Bilateral relations among BRICS nations are conducted mainly on the basis of non-interference, equality, and mutual benefit.[9]