The Evolution Of BRICS And Its Challenges Today
The BRICS bloc is holding its annual summit in New Delhi to address geopolitical tensions and economic cooperation. The group has expanded significantly since 2024 and is actively seeking alternatives to dollar-based financial systems.
Why it matters
Highlights the shifting global economic power dynamics and the efforts of emerging economies to challenge Western-led financial institutions.
Leaders of the BRICS group of nations will meet on Saturday in the Indian capital of New Delhi for their annual summit, amid mounting geopolitical tension, disruptions in energy markets, shipping, and global trade.Here is a look at the bloc's history, and the challenges it faces today.What Is BRICS?The acronym BRIC was coined by Goldman Sachs Chief Economist Jim O'Neill in 2001, in a research paper highlighting the growth potential of Brazil, Russia, India, and China, but it was not until 2009 that the countries came together as a bloc.South Africa joined them in 2011, creating BRICS as it is known today.The grouping expanded in 2024, when Egypt, Ethiopia, Iran and UAE became members, and in 2025, when Indonesia joined.Saudi Arabia has also been invited to be part of the bloc but has not formally accepted the invitation.Why Was It Formed?BRICS was set up to challenge a world order dominated…
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