BRICS has become a very popular topic among international news, however, the articles that talk about the rise of Brazil, Russia, India, China and South Africa do not explain what this association is and what power it may hold.
BRICS was a term used by economists at Goldman Sachs starting in 2001. This term was used to group some of the fastest-growing economies of the time with a prediction that these countries would constitute the lion’s share of the global economy by 2050. While there was no prediction that there would be a political grouping, in 2006 Russia decided to hold the first meeting of the countries that made up BRICS. The member states have continued to hold intergovernmental meetings and are now welcoming Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to their association.
BRICS is not a formal international association like NATO, the EU or OPEC. BRICS is an informal agreement among these countries to cooperate on some international issues. The creation of the New Development Bank is perhaps their largest joint effort recently. India and China make up the largest economies of this group, which has made cooperation a tense subject considering China and India’s long and continuous border conflict.
BRICS is an important association despite its informal nature. Due to being composed of some very powerful economies, they make up a significant part of the global economy and should be treated as such. When these member states cooperate, they are capable of influencing international politics through diplomatic and economic means. This association reminds the rest of the world that the global economy cannot be fully dominated by one power.