BRICS: Key Stages of Development and Major Achievements
RIC expansion
In 2004, the RIC strategic triangle expanded with the addition of Brazil, joining Russia, India, and China. This pivotal moment gave rise to BRIC as a group.
By 2006, a significant milestone was reached when the RIC Summit led to the decision to establish a new group—BRIC—based on the RIC framework.
The acronym "BRIC" was first introduced as early as November 2001 in a report by the investment bank Goldman Sachs that focused on the global economic outlook for the mid-21st century. The term was coined by the British economist Jim O'Neill, who used it to describe a group of the largest and most rapidly developing economies—Brazil, Russia, India, and China. However, it is essential to recognise that this label functioned as a marketing tool designed to present these nations as attractive investment opportunities for Western companies.
From the outset, there was a clear understanding that the influence of the BRIC nations in the global economy would continue to grow. In 2003, Goldman Sachs published a document titled Dreaming With BRICs: The Path to 2050, Global Economics Paper No. 99, authored by Dominic Wilson and Roopa Purushothaman. This study predicted that by 2029, the BRIC nations would leave behind the leading Western economies and by 2050, the G7 countries would lose their economic dominance—a shift that, in reality, began to manifest in the early 2020s. The report also forecasted that the sustained high economic growth of the BRIC nations would make them a defining force in the global economy and major players in world politics.
BRICS as a Name
The name "BRICS" entered international discourse in 2011 when South Africa joined the group in December 2010. This step significantly transformed the group's identity: it no longer brought together major emerging economies with high growth rates, as South Africa's economy was considerably smaller than those of the original BRIC members. However, the inclusion of South Africa brought a new dimension to the group, enhancing its representativeness within the developing world. With South Africa's membership, BRICS extended its reach beyond Europe, Asia, and Latin America to include Africa, making it the first global group to permanently incorporate an African nation. This shift helped BRICS gain a political identity and emerge as the most prestigious group of non-Western developing nations, united in their pursuit of a more just and equitable world order and global governance.
Stage 1: 2009–2013
BRIC(S) Development
A pivotal moment in the evolution of BRIC was the first summit held in Yekaterinburg in 2009. The timing of this formalisation was significant: the state of the world economy and politics at that time necessitated a reform of the global governance framework as the existing system, dominated by the G7, was proving largely ineffective. Meanwhile, developing countries were emerging as the primary engines of global economic growth. By the late 2000s, the decline of US global hegemony and the gradual shift towards a multipolar world order had become increasingly evident.
The Yekaterinburg Summit was foundational for BRIC, largely setting the tone and direction for the group's future work, which remain relevant up to this day. Firstly, the Summit’s communiqué underscored the shared commitment of the member states to creating a more just and equitable global financial and economic order and global economic and financial regulation framework. This included advocating for reforms of multilateral institutions, specifically the International Monetary Fund (IMF), the World Bank (WB), and the Financial Stability Board (FSB). This focus on reforming global governance to better reflect the interests of developing countries became, and remains, one of BRICS' central priorities.
Following the I Summit, BRIC leaders committed to supporting the G20 in addressing the financial crisis, advocating for the reform of international financial institutions (IFIs), and working towards the establishment of a more stable, predictable, and diversified international monetary system. The Summit also solidified the group's overarching goals: fostering a just multipolar world order and promoting cooperation among the four member states in three key areas—economic, political, and humanitarian dimensions. At this stage, however, the primary focus was on economic cooperation. A critical aspect of BRIC's collaboration was the coordination of member states' positions on major global issues within international governance institutions, particularly with an eye toward reforming the global financial architecture.
In September 2009, BRIC finance ministers and central bank governors met again to further explore the reforms in global financial and economic governance. At this meeting, the BRIC countries proposed reallocating IMF and World Bank quotas by 7% and 6%, respectively, in favour of emerging markets and developing nations. This proposal laid the groundwork for the G20 Summit in Seoul, where a decision was made to reallocate quotas by 6% and 5%, respectively. This marked a significant success for BRIC, underscoring both its growing influence and the pressing need for overdue reforms in global regulation.
In 2009, BRIC took a significant step by holding its first meeting of agriculture ministers to address food security issues. At the same time, plans were laid for organising a Business Forum and a Think Tank Seminar alongside the 2010 Summit in Brasilia, which marked the beginning of interaction between BRICS and the business and expert communities.
A major turning point for the group came in April 2011 during the Sanya Summit when South Africa joined BRICS following the decision made in late 2010. With this expansion, the five nations became known as BRICS, signifying a substantial shift in the group’s identity. Unlike the other members, South Africa’s economy was notably smaller, meaning that BRICS could no longer be seen merely as a group of major developing economies. However, South Africa’s inclusion greatly enhanced the group's representativeness, which spanned all continents except North America and Australia. This expansion strengthened BRICS's global identity, positioning it as the most reputable and representative group of non-Western developing countries.
Following the 2011 expansion, BRICS continued to focus on helping its member states recover from the 2008–2009 economic crisis while also advancing the reform of global economic governance. In that same year, BRICS leaders started holding informal consultations just before the G20 summits.
The BRICS Summit in New Delhi in March 2012 unfolded against a backdrop of challenging economic conditions, significant risks linked to the quantitative easing policies in developed countries, where large amounts of money were being printed to address the crisis. These policies, combined with rising debt-to-GDP ratios in the G7 nations, excessive volatility in capital flows, and the slow pace of reform in international financial institutions, created an uncertain environment. In response, the BRICS nations concentrated on preserving macroeconomic stability and suggested establishing their own development assistance institution, independent from developed countries—the New Development Bank. This initiative aimed to mobilise resources for financing infrastructure and sustainable development projects. In response to the self-centred policies of Western nations and their reluctance to share power within traditional financial institutions, the BRICS nations charted a path toward creating alternative development assistance structures and alternative mechanisms for global economic governance. This policy remains in effect today and has been significantly strengthened since then.
During the informal meeting on the sidelines of the G20 Summit in Los Cabos in 2012, the BRICS leaders explored mechanisms for pooling reserves and swaps in national currencies. They tasked their finance ministers with assessing the feasibility of these proposals. That same year, the development banks of the five BRICS nations took a significant step by signing the Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement. These agreements marked the beginning of a crucial BRICS priority that grew in importance over the years: reducing reliance on the US dollar for transactions among member countries and creating a trade settlement and foreign exchange reserve system independent of Western control.
During this period, the geopolitical landscape was marked by escalating tensions and regional conflicts, particularly in the Middle East and North Africa, including the Arab Spring in 2011 where Western-backed efforts led to the overthrow of governments in Tunisia and Egypt, a military intervention in Libya resulting in the country's collapse into a failed state, and civil wars in Yemen and in Syria, where an attempt was also made to overthrow the government. In response, BRICS intensified its cooperation on political and security issues, both at the leadership level and through interactions between ministers of foreign and international affairs. The BRICS nations collectively condemned foreign interference in the internal affairs of countries embroiled in these conflicts, particularly the Western practice of exploiting such situations to overthrow regimes they found undesirable. The group was united in its criticism of the regime change policies pursued by the US and European nations in the Middle East.
In 2013, South Africa assumed the BRICS Chairship, introducing several institutional and governance innovations. The Durban Summit, which resulted in the eThekwini Declaration, reiterated the members' concerns about the excessively loose monetary policies of developed countries, which were contributing to global inflation and worsening economic imbalances. The declaration also expressed frustration with the slow pace of reforms in the global governance architecture. The 2013 BRICS Summit in Durban marked a historic milestone with the decision to establish the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), backed by an initial fund of $100 billion. The CRA was created to address potential liquidity shortages and strengthen the global financial safety net.
South Africa's Chairship in 2013 also laid the groundwork for initiating the group's dialogue with third countries, a practice that later evolved into the Outreach and BRICS Plus formats. President Jacob Zuma organised the first meeting of BRICS leaders involving external partner states, which was focused on fostering cooperation between the five BRICS nations and African states. The BRICS nations committed to supporting the industrialisation of African countries through promoting foreign direct investment, knowledge sharing, capacity building, and import diversification. They also pledged to support the United Nations and the African Union in promoting the peaceful resolution of conflicts in the Central African Republic and the Democratic Republic of the Congo.
Additionally, 2013 marked the beginning of BRICS cooperation in science and education. The first meeting of the BRICS education ministers was held, during which they agreed to promote collaboration between universities across member states. The same year also saw the inaugural BRICS ministerial meeting on science, technology, and innovation, establishing a strategic framework for cooperation in these important domains.
In 2013, BRICS further strengthened its cooperation within the business and expert communities. The newly established BRICS Business Council held its inaugural meeting, where business leaders presented their perspectives on the priorities for cooperation within the group. Another crucial development was the institutionalisation of the BRICS Think Tank Council (related informal consultations had been in place since 2088), which was tasked with developing innovative solutions to various global governance challenges.
Summing up, the group's first development cycle (2006–2013) saw its transformation from BRIC to BRICS with the inclusion of South Africa and emergence as the most prestigious and representative group of developing countries. The group made substantial strides in global governance reform, particularly in advocating for a system of currency settlements and reserves independent of the US dollar. BRICS also intensified its cooperation on political and security issues, coordinating approaches to address current global crises and challenges, and initiated dialogue with the business and expert communities, as well as with non-BRICS nations. The group's institutional structure developed rapidly during this time, with member countries continually expanding their agenda and consistently advocating for the reform of global governance.
Stage 2: 2014–2018
Deepening Cooperation Against the Backdrop of Escalating Global Tensions
The Ukrainian crisis in 2014 fundamentally altered the post-Cold War dynamic between Russia and the West, ending Moscow's efforts to forge partnership relations with Washington and the European Union. The United States adopted a confrontational stance towards Russia, and the European Union distanced itself from Moscow, both imposing sanctions and significantly curtailing cooperation on various issues. As a result, Russia was excluded from the G8, reducing the group back to its original G7 format. Simultaneously, tensions between the US and China intensified, with Washington under the Trump administration, beginning in 2017, initiating a full-scale trade war against China. The US also officially declared that its primary foreign policy focus would now be on rivalry with China and Russia, emphasising that great power competition would define international relations moving forward.
Despite the growing hostility between the West and its perceived adversaries—Russia and China—BRICS cooperation not only persisted but also deepened. During this period of increased global tensions and the escalating geopolitical divide between the West, on the one hand, and its adversaries, China and Russia, on the other, BRICS cooperation was further deepened along the lines established at the previous stage.
At the BRICS Summit held in Fortaleza in June 2014, significant milestones were achieved under Brazil's Chairship, most notably the signing of the Agreement on the New Development Bank and the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement. The creation of the first formal BRICS institutions and global governance framework independent of Western influence marked the Summit’s key achievements. The NDB Charter established an initial subscribed capital of $50 billion, equally divided among the member states, with an initial authorised capital of $100 billion. Voting shares within the NDB were proportionate to the countries' shares in the subscribed capital. The primary functions of the NDB were to finance infrastructure and sustainable development projects by providing loans, guarantees, equity investments, and other financial instruments. Additionally, the bank was tasked with fostering cooperation with international financial institutions and national development banks, offering technical assistance and establishing special funds. The terms and conditions of the CRA defined the initial pool of resources and their allocation among the member states. It also specified the instruments, access limits, as well as the procedures and conditions for requesting and approving swap transactions.
The deepening of cooperation and institutionalisation of BRICS continued under the Russian Chairship in 2015, culminating in the Summit held in Ufa in July 2015. Firstly, the NDB and the CRA became operational. On July 7, 2015, the inaugural meeting of the NDB Board of Governors, which officially launched the NDB's operations, was held in Moscow, chaired by the Russian Minister of Finance Anton Siluanov. Concurrently, the national development banks of the BRICS nations signed a Memorandum of Understanding with the NDB, establishing a framework for joint mobilisation of funds and project financing. Secondly, the Russian Chairship introduced a series of inaugural meetings involving ministers from various sectors, including the BRICS ministers of energy, environment, labour and employment, industry, communications, culture, and youth policy, along with the heads of tax agencies and senior officials responsible for international cooperation. Thirdly, Russia emphasised the importance of the civil and expert dimensions within the group. Events such as the BRICS Civil Forum, BRICS Youth Forum, and the Parliamentary Forum were organised, fostering dialogue between civil society and legislative bodies of the member states. Additionally, a Memorandum of Understanding on Establishment of the BRICS Network University was adopted, which promoted closer cooperation among universities in the five nations. Finally, the Strategy for BRICS Economic Partnership was adopted during the Ufa Summit. This strategy aimed to intensify economic cooperation among the BRICS member states.
India's 2016 Chairship in BRICS focused on promoting the fulfilment of prior commitments, advancing institutionalisation, and deepening cooperation among member states. This was particularly evident in the areas of economic cooperation and global economic governance. At the conclusion of the Goa Summit in October 2016, the BRICS leaders reaffirmed their commitment to advancing the Doha Development Round negotiations, the reform of international financial institutions, and cooperation to promote strong, sustainable, and inclusive growth. The leaders also supported measures to combat Base Erosion and Profit Shifting (BEPS), a practice where profits are shifted from high-tax to low-tax jurisdictions. They underscored the principle that profits should be taxed in the jurisdiction where the economic activity occurs and value is created.
A significant achievement of India's 2016 Chairship was the initiation of BRICS cooperation in the digital domain. The summit endorsed the ICT Development Agenda and Action Plan, marking the beginning of a coordinated effort to deepen collaboration in this area. The digital partnership included the coordination of national digital programmes, strengthening B2B interactions, facilitating technology transfer, and standardising ICT practices across the BRICS nations. Additionally, it was aimed to build capacity, develop e-government initiatives, and enhance coordination within the International Telecommunication Union and other relevant international organisations.
In the political and security spheres, the 2016 Indian BRICS Chairship saw a significant enhancement of cooperation among member states, particularly in addressing global security challenges. The BRICS nations intensified their collective efforts to counter terrorism by focusing on blocking sources of terrorist financing, combating money laundering, drug trafficking, and other criminal activities. Additionally, there was a strong emphasis on countering the misuse of the Internet and ICT for illegitimate purposes. The BRICS leaders reaffirmed the pivotal role of the United Nations in addressing issues related to ICT security. They committed to working together to adopt rules, norms, and principles that guide the responsible behaviour of states, including by engaging with the UN Group of Governmental Experts, which was experiencing controversies due to differing approaches proposed by the US and Russia. One of the major achievements of the BRICS collaboration in 2016 was the establishment of the BRICS Counter-Terrorism Working Group.
The 2016 Indian Chairship also made a notable contribution to strengthening BRICS cooperation in the field of sports. The first BRICS Games were held under India's leadership, and this event has since become a regular fixture.
In 2017, under China's Chairship, BRICS continued to deepen cooperation, with Beijing playing a key role in addressing geopolitical tensions within the group, particularly between China and India, and reinforcing a sense of unity among member states. Only five days before the BRICS Summit in Xiamen in September 2017, China and India reached an agreement to expedite the withdrawal of their border forces from Doklam. This agreement effectively ended nearly three months of confrontation. At the Xiamen Summit, Chinese President Xi Jinping called on member countries to redouble their efforts "to comprehensively deepen BRICS partnership and usher in the second 'Golden Decade' of BRICS cooperation".
In the economic domain, China's Chairship in 2017 saw the adoption of several key documents, including the Framework on Strengthening the Economic and Technical Cooperation, the BRICS E-Commerce Cooperation Initiative, the BRICS Trade In Services Cooperation Roadmap, and the Outlines for BRICS Investment Facilitation. Additionally, 2017 marked the beginning of BRICS tax cooperation, with the heads of tax administrations outlining areas for collaboration within the group and on the global stage. This was formalised through the BRICS Strategic Programme on Customs Cooperation, which provided a framework for cooperation on tax-related matters. One of the significant proposals was the establishment of a BRICS Local Currency Bond Fund, aimed at facilitating the development of debt markets in local currencies.
Another key priority of China's Chairship in 2017 was enhancing BRICS' relations with third countries, reflecting Beijing's longstanding focus on expanding the group's global influence. Egypt, Kenya, Tajikistan, Mexico, and Thailand were invited to join discussions on the 2030 Agenda for Sustainable Development and the BRICS Plus development partnership. In 2018, the deepening of cooperation within BRICS continued under the Chairship of South Africa, with President Cyril Ramaphosa assuming leadership from BRICS veteran Jacob Zuma in February of that year. Contrary to the predictions of some observers, Ramaphosa fully upheld the tradition established by his predecessor, using BRICS as a platform to enhance South Africa's global standing and advance its development goals. He made the Chairship of the group one of his top priorities, reflecting South Africa's continued commitment to the BRICS agenda. At the Johannesburg Summit in July 2018, BRICS nations reiterated their support for the central role of the United Nations in international affairs, emphasising the need to build a fair, just, and equitable world order and address both traditional and non-traditional security challenges. Amid a deepening crisis in the World Trade Organisation (WTO), exacerbated by the US-China trade war and the Trump administration's increasingly protectionist policies, the BRICS leaders pledged to work towards developing the legal framework of the multilateral trade system and address the deadlock in the selection process for new members of the WTO Appellate Body.
Stage 3: 2019–2023
BRICS in the Face of the COVID-19 Pandemic and Related Economic Crisis, the West's Hybrid War Against Russia, the US Confrontation With China, and the BRICS Expansion
In 2019, the BRICS Chairship was held by Brazil, and it initially raised concerns due to the election of President Jair Bolsonaro, who took office in January 2019. Bolsonaro had promised radical shifts in Brazil's foreign policy, including a pivot towards the United States and a desire to join the OECD, which seemed at odds with Brazil's role in BRICS. This led to speculation about Brazil potentially withdrawing from BRICS or even cancelling the summit. Additionally, there were disagreements within the group, particularly over Bolsonaro's proposal to invite Venezuelan opposition leader Juan Guaidó to the summit—an idea that was not supported by the other BRICS nations, who did not recognise Guaidó as Venezuela's president. Given these circumstances, expectations for Brazil's 2019 Chairship were quite low. However, these concerns ultimately proved unfounded. Under Bolsonaro's leadership, Brazil not only hosted a successful Summit in Brasilia in November 2019 but also reaffirmed its commitment to the ongoing cooperation within BRICS across all previously established directions. The final declaration of the Summit saw the BRICS countries speaking with a unified voice on critical global political issues and the need for a more just and equitable system of global governance. The successful outcomes of the 2019 Summit highlighted the maturity of the BRICS as a group. It demonstrated that the BRICS format had solidified its importance and plays a vital role in shaping the foreign policies of its member countries—one that is not only hard to forsake but also essential in the landscape of global governance.
In 2020, BRICS entered a new phase marked by escalating global challenges. The COVID-19 pandemic, which emerged that year, was the first truly global pandemic in the context of globalisation and total interconnectedness. It triggered a severe economic recession in most countries, impacting the global economy as a whole. BRICS proved its resilience in the face of this challenge, and its importance for member states and its credibility among developing nations only increased.
Russia held the BRICS Chairship in 2020, with plans for numerous events under the overarching theme of "Partnership for Global Stability, Shared Security, and Innovative Growth." However, the onset of the COVID-19 pandemic and the socio-economic crisis it caused necessitated a shift to online formats for many of these events and altered the focus of discussions. That said, traditional BRICS priorities, such as economic cooperation, global governance reform, foreign policy coordination, soft security cooperation, and humanitarian efforts, remained relevant and in demand. The cooperation among the BRICS nations in combating the pandemic and addressing the related economic crisis became particularly urgent, especially in light of the self-centred approach adopted by Western countries toward the developing nations.
Under the Russian Chairship, BRICS took significant efforts to respond to the COVID-19 pandemic, including sharing information and supporting the World Health Organization (WHO) and the Access to COVID-19 Tools Accelerator (ACT) initiative. BRICS members also committed to ensuring that "when available, the vaccine is disseminated in a fair, equitable, and affordable basis."
The NDB promptly allocated $10 billion for addressing the pandemic-related crisis. This funding was earmarked to support health services, social welfare, and economic recovery measures through an Emergency Assistance Facility. By June 2020, the NDB had provided $4 billion in emergency financing to China, India, Brazil, and South Africa. Additionally, it successfully issued two rounds of three- and five-year "COVID bonds"—one for $1.5 billion and another for $2 billion on international capital markets. The BRICS Contingent Reserve Arrangement was also prepared to respond to potential balance of payments crises by offering liquidity support and preventive instruments.
Amid global restrictions, Russia did its best to ensure BRICS cooperation remains effective and successful, transitioning to a hybrid format. The group was able to follow the original plan, successfully conducting over 150 events, including a Virtual Summit held in Moscow in November 2020, and adopting 30 documents, among them the Strategy for BRICS Economic Partnership for 2021–2025 and the BRICS Counter-Terrorism Strategy, thereby reinforcing cooperation on security issues. This achievement was particularly noteworthy given the renewed tensions between China and India along the Line of Actual Control in Ladakh during 2020, which strained their bilateral relations, including economic ties. The ability of BRICS to maintain cohesion and prevent these bilateral tensions from affecting the broader framework of the group underscores the group's maturity and demonstrates its ability to foster cooperation on shared goals and achieve consensus even amid bilateral disagreements among member nations.
Additionally, in 2020, the BRICS nations coordinated their actions within the G20 and maintained their commitments, continuing a tradition of collaboration that dates back to the global economic crisis of 2008–2009.
A key outcome of Russia’s 2020 BRICS Chairship was the unveiling of an Overview of Implementation of the Strategy for BRICS Economic Partnership between 2015 and 2020.
In 2021, under India’s BRICS Chairship, the ongoing COVID-19 pandemic remained a significant global challenge, and the final Summit was held online, just like in 2020. India, Brazil, and Russia were among the five countries most heavily affected by the pandemic, reporting nearly 33, 21, and 7 million cases respectively by the time of the Virtual Summit held in New Delhi in September 2021. Despite these challenges, just like Russia in 2020, India successfully continued to promote deeper collaboration, organising more than 150 events, including nearly 30 ministerial meetings and over 40 virtual events focused on humanitarian issues.
The key achievements of India’s 2021 Chairship included the adoption of the BRICS Joint Statement on Strengthening and Reforming the Multilateral System, the Action Plan 2021–2024 for Agricultural Cooperation, and the BRICS Counter-Terrorism Action Plan. This demonstrated the group’s ongoing commitment to global governance reforms and its focus on addressing both economic and security concerns. The BRICS nations reaffirmed their dedication to promoting more flexible, effective, transparent, democratic, and action-oriented global governance institutions, specifically the UN, IMF, WTO, and WHO. The member states emphasised the importance of enhanced cooperation and close coordination in all relevant multilateral forums, including the G20.
In 2021, the enhancement of BRICS counter-terrorism cooperation took on added significance in the wake of the US inglorious withdrawal from Afghanistan in August and the Taliban's subsequent return to power. This event not only raised concerns about the resurgence of international terrorism but also highlighted differences within BRICS. India, which had supported the previous pro-American Afghan regime, viewed the Taliban's return with significant apprehension due to their close ties with Pakistan. In contrast, Russia and China adopted a more pragmatic stance towards the new Taliban-led government. Despite these divergent views, the BRICS nations succeeded in maintaining and even intensifying their cooperation on counter-terrorism issues.
In 2021, the NDB also saw significant developments, expanding its membership, broadening its project portfolio, supporting the socio-economic recovery of its member states, and increasing bond issuances in both international and Chinese markets. The NDB Board of Directors approved the allocation of the remaining $3 billion from the $10 billion Emergency Assistance Facility established in 2020, disbursing $1 billion each to Russia, South Africa, and China. These funds were directed towards various critical needs: Russia used the funds to provide incentive payments to medical staff, South Africa focused on new job creation, and China aimed to revitalise economic activity and create more jobs. Additionally, the NDB was one of the pioneering institutions to test the SDG Impact Standards for bond issuers under the United Nations Development Programme. The NDB also invested nearly $1.5 billion in sustainable physical infrastructure projects, coupled with support for the development of digital infrastructure.
Another notable achievement of India's Chairship in 2021 was the signing on August 18 by the heads of the BRICS space agencies of the BRICS Remote Sensing Satellite Constellation Data Exchange Technical Specifications. This collaborative effort aims to address global challenges such as climate change and environmental protection, marking a significant extension of BRICS cooperation into the realm of outer space.
Amid rising global instability, cooperation within BRICS has taken on increased significance, not only for Russia and China, which are at the forefront of the geopolitical confrontation with the US and its satellites, but also for other member states. Notably, BRICS has not only maintained but also strengthened its collaboration in the face of these challenges. Firstly, the BRICS nations collectively refused to join the sanctions war and other Western-imposed restrictions against Russia and China, collectively condemning them. Secondly, the BRICS countries intensified efforts to develop alternatives to the Western-dominated financial system, particularly the US dollar-centric system of trade settlements. Discussions on creating a new payment mechanism gained momentum, and there was an increase in the use of national currencies in intra-BRICS trade. Thirdly, the sharp reduction in economic cooperation between the West and Russia, coupled with the gradual decline in Western cooperation with China, led to a significant increase in the share of trade and investment relations among the BRICS nations. At the BRICS Summit held in Beijing in June 2022, President Vladimir Putin pointed out that trade between Russia and BRICS member states had surged by 38% in the first quarter of the year. He also emphasised Russia's commitment to reorienting its trade and economic relations towards "reliable international partners." Fourthly, as the G7 increasingly transformed into a confrontational bloc and the G20 became paralysed, BRICS was able to further solidify its role as a key institution of global governance, which significantly boosted its appeal to other developing countries. It was during this period of heightened geopolitical tension that the idea of BRICS expansion moved from theoretical discussion to practical consideration.
The key achievement of China's Chairship in 2022 was the official initiation of discussions on expanding the group to include additional countries. This proposal was formally introduced by Chinese Foreign Minister Wang Yi during the BRICS ministerial meeting. The Beijing Declaration of the XIV BRICS Summit endorsed this discussion, marking a significant step toward broadening the group's membership. By June 2022, Argentina (before the election of Javier Milei) and Iran had already submitted formal applications to join BRICS. In July 2022, it was revealed that Turkey, Egypt, and Saudi Arabia also expressed their interest in joining the group. Reports at the time also indicated interest from the UAE, Bahrain, Indonesia, and several African nations, including two from East Africa and one from West Africa, in becoming part of BRICS.
In addition to the focus on expansion, the Chinese Chairship prioritised strengthening various formats of BRICS cooperation with third countries. This effort included the initiation of a High-Level Dialogue on Global Development during the Beijing Summit, which brought together non-member countries that align with the BRICS values and objectives.
During China's Chairship in 2022, significant strides were also made in advancing the reform of global governance, particularly focusing on the major institutions that regulate the world economy and politics, and in the establishment of a settlement system independent of Western influence. Among the key proposals was the creation of a new BRICS currency, envisioned to be based on a basket of national currencies and backed by precious metals. Additionally, there was a strong emphasis on finalising the work to strengthen the CRA, including amending the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement. The BRICS member states also united in their criticism of unilateral sanctions and other restrictive and protectionist measures imposed by the Western nations.
In the field of peace and security, China's Chairship facilitated ongoing cooperation, highlighted by meetings of foreign ministers, high representatives responsible for security issues, and the BRICS Counter-Terrorism Working Group (CTWG). The BRICS nations refrained from directly criticising Russia's special military operation in Ukraine and expressed support for negotiations between Moscow and Kiev. This demonstrated the ability of the BRICS nations to adopt a common stance on a wide range of critical international security issues.
The XV BRICS Summit, held in Johannesburg on August 22–24, 2023, marked a pivotal moment in the BRICS evolution. The Summit's most significant outcome was the historic decision to expand the group, inviting the UAE, Argentina, Iran, Ethiopia, Egypt, and Saudi Arabia to join. This expansion signified a transformative shift in the BRICS identity, signalling the final step of its transition from a group of major developing economies to the vanguard of the Global Majority. The expanded BRICS now stands as a key institution of global governance and the most reputable and representative body of developing nations worldwide. With this new composition, BRICS became even more global, with a stronger focus on issues of global governance and the formation of a more just and equitable world order. And finally, the expanded BRICS exemplifies a model of equal relations between sovereign states in a multipolar world and fosters respectful cooperation among diverse civilizations. This transformation significantly enhances the appeal of BRICS to the Global Majority, as evidenced by the growing interest from around 30 countries at the beginning of 2024 seeking to join the group.
At the Johannesburg Summit, an important decision was made to launch a new cooperation format between BRICS and third countries, referred to as "BRICS Partners," and work out its potential modalities. This initiative addresses the challenge posed by the growing interest from several dozen countries wishing to join BRICS. Since not all of these countries can or should be admitted as full members, especially in the short to medium term, the BRICS nations devised this new framework as a solution. The official launch of the new format became one of the major outcomes of the BRICS Summit which took place in Kazan in October 2024 under Russia's Chairship. This format envisions that countries aspiring to join BRICS, yet unable to do so in the near term, along with those that can contribute to its core objectives—creating a fairer world order and a more equitable system of global governance in the interests of developing nations—will become BRICS partners. Their engagement will extend beyond mere summits, involving them in deeper and more sophisticated collaboration mechanisms, albeit without the privilege of veto power. The Russian Foreign Ministry outlined several criteria for BRICS partner states: firstly, they must maintain amicable relations with other nations and be part of international organisations, including the UN; secondly, they should uphold the principles guiding BRICS activities, particularly the consensus-based approach to decision-making; thirdly, they must refrain from participating in unilateral illegitimate sanctions against any BRICS nation.
During South Africa's Chairship, BRICS continued to work on traditional areas of cooperation, including the establishment of a new settlement system among member states and the creation of a Reserve Currency Pool, although discussions on the new BRICS currency progressed more slowly compared to the Chinese Chairship in 2022.
And finally, during South Africa's Chairship, it was announced that the New Development Bank had approved loans totalling approximately $33 billion by 2023. These funds were primarily allocated to infrastructure projects, focusing on critical areas such as water supply and transportation.
Summing up, during the third stage of its development, BRICS successfully navigated multiple challenges, including the health, social, and economic crises triggered by the COVID-19 pandemic, internal tensions among the group's members, and new potential divisions, particularly over the situation in Afghanistan. Despite these obstacles, the group made significant progress in various areas: collaboration in healthcare was expanded, advancements were made in the digital economy, science, technology, and innovation, and key documents like the Strategy for BRICS Economic Partnership for 2021–2025 and the BRICS Counter-Terrorism Action Plan were adopted. Despite most activities occurring in a hybrid format during 2020–2021, the group maintained its internal momentum and continued to strengthen its collaborative efforts. One of the major achievements of this period was the expansion of BRICS as a group.
Stage 4: 2024 Till Now
On January 1, 2024, Iran, Egypt, Ethiopia, and the UAE officially became full members of BRICS. Although Saudi Arabia accepted the invitation to join, it has not yet begun to function as a full-fledged member.
Another significant innovation in 2024 was the shift in the rotation of countries chairing BRICS. Instead of Brazil, which held the G20 Presidency that year, Russia became the host of the BRICS Summit.
Russia approached its responsibilities as BRICS Chair with diligence and commitment. In 2024, over 250 events took place across 13 Russian cities. As the chair country, Russia did its best to ensure that new members integrated into the BRICS framework swiftly and seamlessly.
The XVI BRICS Summit took place in Kazan from October 22 to 24, 2024, bringing together delegations from 35 countries and six international organisations. A variety of practical initiatives were on the agenda, and participants praised the results-oriented approach of the Russian Chairship, highlighting a strengthened foundation for BRICS cooperation. The proposals to establish a BRICS Grain Exchange and a geological and investment platform garnered enthusiastic support. The importance of launching permanent cooperation mechanisms in transport and nuclear medicine during Russia's Chairship was underscored, along with discussions on creating a new monetary and financial system. On the Summit's second day, participants adopted the Kazan Declaration, which outlined key themes such as the development of BRICS, stances on global challenges, and strategies for resolving regional crises, including those unfolding in Ukraine and the Middle East.
As had become a tradition, the Summit featured an additional meeting in the Outreach / BRICS Plus format. Leaders from the CIS countries, along with delegations from various nations across Asia, Africa, and Latin America, as well as heads of executive bodies of several international organisations, were invited to participate by the Russian leadership.
In Kazan, the leaders reaffirmed that BRICS is not a closed club; it welcomes all who embrace its values. The members expressed their commitment to collaborating on solutions without external pressures or the imposition of narrow viewpoints. BRICS must respond to the rising global demand for this type of cooperation. With that in mind, significant attention was devoted to the potential expansion of BRICS through the introduction of a new category: partner states. Following Russia's Chairship, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan were granted partner status.
On January 6, 2025, Indonesia officially joined BRICS as a full member. In February 2025, the BRICS nations established a new rotation system for chairship. From 2025 to 2028, this role will be held by the original five members (Brazil, Russia, India, China, and South Africa), after which summits may take place in the countries that joined the group in 2024 and 2025.