The first offline summit since 2020 of BRICS, a group named after the world’s five leading emerging economies—Brazil, Russia, India, China and South Africa—was held in Johannesburg, South Africa, in August. Key agenda items discussed included closer cooperation and the expansion of the group’s membership.
The BRICS mechanism originated with the BRIC concept coined by Jim O’Neill, Chief Economist of financial services giant Goldman Sachs, in 2001. The First BRIC Summit was held in Russia in 2009 before South Africa joined a year later and debuted at the 2011 BRICS Summit in China.
At this year’s summit, leaders agreed to invite six more countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates—to become members as of January 1, 2024. As the BRICS concept gains increasing recognition, the group…
