Leaders from BRICS nations, including Brazil, India, China, and Russia, meet in Rio de Janeiro to bolster trade and technology amidst US tariff threats. The summit follows the group's founding in 2001, which aimed to unite growing economies against Western dominance. Despite the diversity among member nations, the bloc promotes a multipolar world order and increased influence for developing nations. BRICS has also established alternatives to institutions like the World Bank for funding global projects. Russian President Putin is notably absent due to an ICC arrest warrant over war crimes in Ukraine.
The creation of BRICS has since been described as a significant challenge to the US-led global political, economic and financial systems that have dominated since World War II.
Goldman Sachs economist Jim O'Neill coined the term BRIC in 2001 to identify Brazil, Russia, India, and China as fast-growing economies with the potential to become global economic powers by 2050.
Despite diverse political ideologies and social structures, policymakers in Brazil, Russia, India and China then took up the baton, initially holding informal talks between foreign ministers to lay the groundwork for collaboration.
The first BRICS leaders' summit was held in Russia's Yekaterinburg in 2009. A year later, South Africa was invited to join the emerging bloc, and an 'S' was added to the BRIC acronym.
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