BRICS: The Origins, Objectives, and Expansion
By Célio Azevedo – Rock News / Voice Of America Express
The BRICS bloc — initially composed of Brazil, Russia, India, China, and South Africa — has emerged as a symbol of the shifting dynamics in global geopolitics. Once seen as a loose acronym coined by economist Jim O'Neill in 2001 to describe the world's fastest-growing economies, BRICS has evolved into a formal alliance with increasingly ambitious goals and global influence.
Origins
The term “BRIC” (without South Africa) was first introduced in a Goldman Sachs report titled “Building Better Global Economic BRICs”. It highlighted the potential of these nations to become dominant economic powers by the mid-21st century. The first official BRIC summit took place in 2009, bringing together Brazil, Russia, India, and China. South Africa joined the group in 2010, expanding the acronym to BRICS and adding strategic weight from the African continent.
Objectives
BRICS was formed to challenge the unipolar dominance of Western institutions such as the IMF, World Bank, and the G7. Its primary objectives include:
- Promoting a multipolar world order
- Reforming global financial and political institutions
- Encouraging trade and investment among member countries
- Supporting sustainable development and South-South cooperation
In 2014, BRICS established the New Development Bank (NDB), headquartered in Shanghai, as a direct response to Western-controlled financial institutions, aiming to fund infrastructure and development projects in emerging economies.
Expansion
Over the past decade, BRICS has sought to expand its influence and membership. In 2023, the group invited six additional countries — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates — though not all officially joined by the 2024 summit. This expansion signals BRICS’ intention to create a broader coalition of the Global South, potentially reshaping global economic governance.
The expansion has also raised questions about internal cohesion. The bloc’s members have diverse political systems, economic models, and strategic interests, which sometimes pose challenges to consensus-building. Yet, the shared desire to counterbalance Western dominance continues to drive the group forward.
The Road Ahead
As BRICS moves toward greater institutionalization, debates intensify over the creation of a common currency, deeper integration, and a unified geopolitical stance. With ongoing geopolitical tensions — including the war in Ukraine and the U.S.-China rivalry — the world watches closely how BRICS will navigate its path between ambition and pragmatism.
While it is not yet an alternative to the G7 in terms of cohesion or influence, BRICS has become an essential player in the multipolar age, giving voice to emerging powers and challenging the traditional centers of global power.