The idea of strengthening economic cooperation among the largest non-Western countries emerged at the beginning of the 21st century, driven by financial analysts who believed that globalization would gradually eliminate political, cultural and social divides between nations. The goal was to build a more inclusive and balanced global economic order that would better represent emerging powers beyond the traditional Western bloc. A pivotal moment in this movement came in 2001, when British economist Jim O’Neil, then working at Goldman Sachs, introduced the term “BRIC” in his article Building Better Global Economic BRICs. The acronym stood for Brazil, Russia, India and China four rapidly developing economies with significant global potential. O’Neil’s analysis suggested that these nations, due to their growing economic strength and population size, would play an increasingly influential role in shaping global economic dynamics. The idea quickly gained momentum, culminating in the first official BRIC meeting at the level of foreign ministers in 2006 during the UN General Assembly in New York. This marked the beginning of a series of regular meetings among the member states, eventually leading to the inaugural BRIC summit of heads of state/government in Yekaterinburg, Russia, in June 2009. It was during this summit that core themes such as the development challenges facing the Global South and the need to reform global financial institutions like the IMF and World Bank began to dominate the group’s rhetoric. These meetings underscored the shared frustration among BRIC countries with the existing global governance structures, which were seen as dominated by the West.
A significant expansion occurred in 2010 when South Africa was formally invited to join the bloc. With South Africa’s inclusion in December of that year, the group adopted the name BRICS, incorporating the “S” to reflect its expanded membership. The inclusion of South Africa brought a stronger African voice to the organization and further diversified its geographic and cultural representation.
From its early years, BRICS emphasized strengthening cooperation across various domains. A critical mechanism in its organizational structure has been the rotating annual presidency, through which each member state hosts the yearly summit and coordinates a variety of high and working level meetings throughout the year. This rotating leadership has been instrumental in ensuring all member states feel a sense of ownership and participation in shaping the BRICS agenda.
One of the most tangible outcomes of BRICS cooperation was the 2012 proposal in New Delhi to establish a joint financial institution. After long negotiations, the New Development Bank (NDB) was formally created at the 2014 Fortaleza summit in Brazil, headquartered in Shanghai. Its first president was K.V. Kamath from India, who guided the bank until 2020. The NDB became operational in 2015 and soon established regional branches in Johannesburg, São Paulo, Moscow and Gandhinagar. It later expanded its membership to include Bangladesh, the UAE and Egypt, thereby broadening its influence beyond the original BRICS countries. Despite its limited institutionalization, the NDB remains the most prominent achievement of BRICS cooperation to date.
Throughout its existence, BRICS has consistently addressed three principal themes: formulating a collective political narrative, evaluating the potential for deeper economic integration and discussing the de-dollarization of global finance.
While the group often projects a message that challenges Western dominance frequently in subtle or overt anti-Western tone, it also seeks to promote the sovereignty and development priorities of its members. This political messaging has at times been more assertive, depending on the geopolitical climate and has emphasized the importance of creating a multipolar world order.
While BRICS faces internal challenges stemming from political, economic, and cultural differences it has established itself as a significant platform for dialogue, coordination, and, at times, collective action among some of the world’s most influential non-Western powers. As the global order continues to evolve, BRICS may play a growing role in shaping new norms and frameworks of international cooperation, particularly in areas where Western-led institutions have failed to reflect the interests of a diverse and multipolar world.
Despite their vastly different political systems ranging from democratic regimes like India, Brazil and South Africa, to authoritarian ones like Russia and China the BRICS countries have never attempted to impose their internal political systems on one another. This principle of non-interference has been foundational in maintaining cohesion within the group.
However, differences in perspectives remain apparent. For instance, the Russian invasion of Ukraine in February 2022 revealed the limits of BRICS solidarity. While no BRICS country publicly condemned Russia, their varied responses signalled different priorities and diplomatic approaches. Russia’s expectation that the group might support or justify its actions was unmet, highlighting the nuanced and pragmatic positions held by other members.
BRICS is often described as a representative of the “Global South,” despite the contested nature of this term. While Russia is geographically and politically part of the Northern Hemisphere and China’s classification is sometimes debated, the concept of the Global South has gained traction in recent years to denote countries that have historically been marginalized in global affairs. The label symbolizes an aspiration for equity in international relations and is now actively embraced by leaders such as China’s Xi Jinping.
The emergence of other groups like MIKTA comprising Mexico, Indonesia, South Korea, Turkey, and Australia reflects similar motivations to bridge gaps between developed and developing countries. However, MIKTA differs significantly in scope and influence, operating primarily within the G20 and lacking the global ambitions of BRICS. By contrast, BRICS embodies a model of multilateralism with a global vision.
Member states are simultaneously engaged in various regional and international organizations such as the United Nations, the Shanghai Cooperation Organization (SCO), the South Asian Association for Regional Cooperation (SAARC), BIMSTEC and Mercosur. Multilateralism has been a foundational principle in BRICS declarations, including the 2023 “Kazan Declaration: Strengthening Multilateralism for Just Global Development and Security,” which dedicates substantial focus to this concept. The core aspiration behind BRICS multilateralism is to contribute to a more equitable and democratic global order. This principle aligns closely with India’s long-standing foreign policy doctrine, rooted in the Pancha Shila or Five Principles: respect for sovereignty, non-aggression, non-intervention, equality and mutual benefit, and peaceful coexistence. These principles emerged after Indian independence in 1947, have shaped its cautious and balanced approach to global affairs.
India’s foreign policy historically favored neutrality and cooperation over alignment with major power blocs, although in practice it maintained close ties with the USSR during the Cold War. India was also instrumental in founding the Non-Aligned Movement, and continues to support multilateral forums. Despite occasionally criticizing Western interventions, such as the US invasion of Iraq, India has always preserved functional relations with the West. The one major exception has been its complex and conflict-prone relationship with Pakistan. Nevertheless, India’s engagement in BRICS is consistent with its broader multilateral strategy. One persistent concern for India has been its exclusion from the UN Security Council, a grievance it continues to raise in global forums. India has consistently called for reforms in the UN system to reflect contemporary global realities and provide more representation to emerging powers. India’s participation in BRICS is thus a natural extension of its strategic vision, enabling it to engage with like-minded countries to reform international institutions, advocate for development in the Global South and foster inclusive economic growth.
While BRICS faces internal challenges stemming from political, economic, and cultural differences it has established itself as a significant platform for dialogue, coordination, and, at times, collective action among some of the world’s most influential non-Western powers. As the global order continues to evolve, BRICS may play a growing role in shaping new norms and frameworks of international cooperation, particularly in areas where Western-led institutions have failed to reflect the interests of a diverse and multipolar world.
