BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010. The BRICS nations are known for their significant influence on regional affairs and large, rapidly developing economies. The member countries have formed the BRICS group to promote economic cooperation and development, and to enhance their bargaining power on the global stage. The BRICS countries have also been active in promoting international trade and investment.
The concept of BRICS as an association of major emerging economies was first proposed by economist Jim O'Neill in 2001. He used the acronym "BRIC" to refer to the countries of Brazil, Russia, India, and China, which he believed would become some of the world's largest economies in the 21st century. The idea was later taken up by leaders of the four countries, who held their first summit in 2009 in Yekaterinburg, Russia. South Africa was later invited to join the group in 2010, and the acronym was changed to BRICS to reflect the inclusion of the new member.
Since then, BRICS nations have met regularly at summits, where they discuss economic and political issues of mutual concern. They have also established various mechanisms for cooperation, such as a joint development bank, a business council, and a think tank. In recent years, BRICS countries have also been active in promoting international trade and investment, and have sought to increase their bargaining power on the global stage.
While BRICS countries have been criticized for lack of progress and internal conflicts, BRICS nations are still considered as some of the most influential emerging economies in the world and are expected to play a significant role in shaping the global economic and political landscape in the 21st century.