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The term BRIC (being an acronym for Brazil, Russia, India and China) was first presented by the Economist Jim O'Neill in year 2001. In 2006, the foreign ministers of these four countries met in New York City at the margins of the UN Assembly and full-scale diplomatic meeting was held in Yekaterinburg, Russia, on 16 June 2009 giving rise to the formal grouping of the countries.

In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010 at the 5th BRICS Summit in Durban, after being formally invited by China to join. Consequently, the group was renamed BRICS – with the "S" standing for South Africa – to reflect the group's expanded membership.

The BRICS Business Council was established during the Fifth BRICS Summit held on 26th - 27th March 2013 in Durban, South Africa.

In 2015, the BRICS Development Bank - later "New Development Bank" - was founded to be primarily responsible for development projects and infrastructure in the 5 countries. It is intended to counterbalance the International Monetary Fund and the World Bank, which were previously dominated by the industrialized nations.

The voting rights within the bank are divided equally between the countries while deposits are not. China is the largest depositor at the bank with over USD 40 billion while India has contributed USD 18 billion. In addition to the operational business, there is an emergency fund of USD 100 billion to compensate for economic emergencies within the BRICS countries.

In 2021, NDB Board of Governors approved the admission of Bangladesh, Egypt, the United Arab Emirates and Uruguay.

On Jan. 1, 2024 full membership to BRICS was granted to Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates.

BRICS was originally created as a constellation of the regional leaders of the developing world. The economic imperatives of BRICS development and the opportunities offered by its unique cross-continental/regional format imply that BRICS is in a position to co-integrate the respective regional integration platforms and development institutions, in which BRICS economies are playing a leading role.

BRICS group aim to establish the respective platforms with respect to regional development banks (RDBs), regional financing arrangements (RFAs) and regional integration arrangements (RTAs).

Due to its economic power and future perspectives of economic growth, today 30 countries seek to join the BRICS group.

• Economist Jim O'Neill created the term BRIC in 2001 with the belief that the economies of Brazil, Russia, India, and China would dominate global growth by 2050.

• BRICS is an acronym for Brazil, Russia, India, China, and South Africa.

• The group has a set of joint priorities including:

- Working to resolve regional problems

- Tackling financial and economic issues like reforms at the World Bank and International Monetary Fund (IMF)

- Establishing the BRICS Interbank Cooperation Mechanism

• The BRICS nations offered a source of foreign expansion for firms and strong returns for institutional investors.

• Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, and Egypt joined BRICS in 2024.

• Indonesia officially joined the BRICS bloc as a full member on Jan.6, 2025.

• BRICS is now comprised of 11 countries that are emerging economies.

• BRICS countries seek to deepen economic cooperation between the member countries.

• The BRICS group of countries represent 48.5% of global population, hold 36% of the world’s territory, represent 39% of global GDP, are responsible for 24% of global trade and embody 43.6% of global oil production, 36% of world natural gas production, 78.2 of global coal production.

• The cumulative GDP of BRICS group is projected to surpass that of G-7 economies by mid-century.

• BRICS aims to develop a fair, inclusive and multipolar world order with a democratic global governance.

• 30 countries have formally applied for BRICS membership.

• The New Development Bank (NDB) is a multilateral development bank with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).

• In the past nine years the NDB has approved over 100 projects in its member countries amounting to investments of more than US $36.5 billion. The projects mainly address critical infrastructure needs, such as water, energy, transport and logistics networks.

• The establishment of the BRICS Parliamentary Forum aims to "strengthen and promote contacts at the leadership level of chambers, committees and groups of parliamentarians." This body is responsible for inter-parliamentary exchanges and consultations along with the development of new mechanisms for inter-parliamentary cooperation between member countries.

• Beyond economics, BRICS nations are fostering collaboration in education, opening doors for student exchange and joint research. The launch of the BRICS Universities Association (BUA) with over 148 members from 35 countries signifies a significant push for knowledge-sharing and collaborative research. Additionally, the 3rd BRICS TVET Institution Presidents Forum, held in May 2024, highlighted the growing importance of vocational training cooperation as a focus on preparing future workforces to build a strong scientific and technological workforce within member states.

• The new expansion of BRICS can transform the global energy landscape. According to a recent study, the alliance could trigger a $100 billion increase in the oil industry by 2028. This development is drawing significant interest in the context of redefining global economic dynamics.

• At the 2015 BRICS summit in Russia, the BRICS states initiated consultations for a payment system that would be an alternative to the SWIFT system.

• BRICS countries are presently studying the feasibility of a new common currency and forging a currency union.

• On 4 September 2017, the New Development Bank (NDB) and the BRICS Business Council signed a Memorandum of Understanding on Strategic Cooperation. According to the MOU, both sides will fully harness their respective resource to build a long-term, stable and mutually beneficial relationship as well as to jointly promote cooperation among BRICS countries.

• The BRICS Business Council is a platform aimed at strengthening and promoting economic, trade, business and investment ties between the business communities of the BRICS countries.