BRICS Grouping

BRICS is an informal intergovernmental grouping through which major emerging economies coordinate on global governance, development and shared international concerns. It began as BRIC, comprising Brazil, Russia, India and China, and became BRICS after South Africa joined. It is a consultation and cooperation platform, not a treaty-based supranational organisation.

Evolution and working method

BRIC foreign ministers began regular coordination in 2006, and the first leaders' summit was held in 2009. South Africa was admitted in 2010 and participated in the 2011 summit.

• BRICS functions through annual summits, ministerial meetings and working groups under a rotating presidency.
• Its decisions are reached through consultation and consensus, while members retain sovereign control over implementation.
• Its cooperation broadly covers political and security issues, economic and financial matters, and people-to-people exchanges.

Development and financial cooperation

BRICS seeks greater representation for emerging and developing economies in global institutions and promotes cooperation in trade, investment, infrastructure and technology.

• The New Development Bank, established by an agreement signed in 2014, finances infrastructure and sustainable development projects in BRICS and other emerging and developing economies.
• The Contingent Reserve Arrangement, also created in 2014, provides a framework for short-term liquidity support during balance-of-payments pressures.
• These mechanisms supplement rather than replace established multilateral financial institutions.

Role in climate and global governance

BRICS provides a collective forum for connecting development priorities with environmental action. Its cooperation supports implementation of the Paris Agreement under the UNFCCC while emphasising equity and common but differentiated responsibilities and respective capabilities.

• Members coordinate on climate finance, clean energy, technology cooperation, resilient infrastructure and sustainable development.
• The platform highlights the need for developed countries to fulfil commitments concerning finance, technology transfer and capacity-building.
• Differences in national interests, economic structures and geopolitical positions can limit the depth of common action.