The BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—has recently expanded, welcoming Indonesia as its newest member. As the largest economy in the Association of Southeast Asian Nations, Indonesia’s inclusion adds significant weight to BRICS’ influence, especially among Global South countries.
BRICS nations are now home to approximately 3.3 billion people, accounting for over 40% of the world’s population. Collectively, their economies represent about 37.3% of the global gross domestic product based on purchasing power parity, surpassing the G7 economies, which stand at roughly 28.4%.
Since its inception in 2001, when economist Jim O’Neill highlighted the potential of these emerging economies, BRICS has aimed to reshape the global economic landscape. The inaugural BRIC leaders’ summit in 2009 emphasized cooperation among emerging markets to build a harmonious world of lasting peace and common prosperity.
Chinese President Xi Jinping introduced the concept of “greater BRICS” cooperation, urging the bloc to strengthen solidarity among Global South nations and lead global governance reform. This vision focuses on five key areas: security, innovation, green development, global governance, and people-to-people exchanges.
As Chinese Premier Li Qiang prepares to attend this year’s leaders’ summit in Rio de Janeiro, it’s clear that “greater BRICS” cooperation is increasingly relevant. The bloc has established a united front in multilateral institutions, advocating for emerging economies on critical issues like climate change and artificial intelligence.
In 2015, BRICS founded the New Development Bank (NDB), a multilateral development lender based in Shanghai. The NDB has approved loans for around 120 projects worth approximately $40 billion, funding initiatives like enhancing liquefied natural gas transportation in China and modernizing freight rail systems in South Africa. By providing funding in local currencies, the NDB offers a stable alternative to traditional dollar-based systems.
Amid global economic uncertainties, BRICS economies are stepping up to promote multilateralism. They’ve played active roles in peace efforts, such as forming the “Friends for Peace” group to address the Ukraine crisis, gaining support from numerous Global South countries.
With ongoing conflicts like the Israel-Hamas war and fragile ceasefires in the Middle East, the expanded BRICS—now including important regional stakeholders like Egypt, the UAE, and Saudi Arabia—can contribute to regional stability and security discussions.
BRICS stands as a vital platform for solidarity among emerging markets and developing countries. In an ever-changing geopolitical landscape, the call for “greater BRICS” cooperation is more significant than ever. By renewing its mission and embracing new responsibilities, the BRICS mechanism is poised to continue thriving and shaping the future.
