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By Nika CHITADZE, PhD, Director of the Center for International Studies, Tbilisi
BRICS is an acronym for the top five emerging (except Russia) economies: Brazil, Russia, India, China, and South Africa. The first four were originally grouped as “BRIC” (or “BRIC”) in 2001, and South Africa joined in 2010. BRICS was created to draw attention to investment opportunities and was not an official intergovernmental organization. Since 2009, they have increasingly evolved into a more cohesive geopolitical bloc, with governments meeting annually at official summits and coordinating multilateral policies. On July 24, 2022, China hosted the 14th BRICS summit and in August 2023, the summit was held in South Africa.
BRICS is considered the main rival of the G7 bloc of advanced economies, having announced competing initiatives such as the New Development Bank, the Contingent Reserve Facility, the BRICS payment system, and the BRICS reserve currency. Since 2022, the group has been looking to expand membership and several developing countries have expressed interest in joining.
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