BRICS is a group of emerging economies that has become an important platform for cooperation on global economic, political, and development issues. The name originally stood for Brazil, Russia, India, China, and South Africa, which joined the group in 2010, making it BRICS. Over the years, the grouping has expanded, reflecting the growing influence of emerging economies in global affairs. As India is set to host the 18th BRICS Summit under its 2026 BRICS Presidency on Saturday, September 12, 2026, let's take a look at how this platform for cooperation, which holds 40 per cent of global GDP, began, its journey, 2026 theme, significance, and why it matters in today's world.
How did BRICS start?
The term “BRIC” was coined in 2001 by economist Jim O’Neill, who proposed the idea that in the future Brazil, Russia, India, and China would be major emerging economies with significant growth potential. He proposed this idea while working as the chief economist at Goldman Sachs. Talking about Goldman Sachs, it is a major multinational investment bank and financial services company. After that, the four countries accepted the idea and began holding political-level meetings in 2006. Their first formal summit was held in Yekaterinburg, Russia, in 2009.
South Africa joined the grouping in 2010, turning BRIC into BRICS. Since then, the group has expanded further, with countries from the Middle East, Africa, and Asia joining as members.
What is the 2026 BRICS theme?
Brazil holds the BRICS presidency in 2025, while India is set to take over the chairmanship in 2026. The theme for the 18th BRICS Summit is "Building for Resilience, Innovation, Cooperation and Sustainability." This means that the theme aims to focus on strengthening economies, supply chains, and innovation by using technologies like Artificial Intelligence, while taking steps towards climate action that will ultimately lead to clean energy transitions. Talking about the BRICS symbol, it features a lotus infused with the "Namaste" gesture, which symbolises cultural ethos, collective unity, global harmony, and cooperation among member nations.
Why does BRICS matter?
BRICS provides a platform for member countries to discuss trade, investment, development, technology, energy, climate change, and other global challenges. The grouping also seeks to increase the voice of emerging and developing economies in institutions such as the International Monetary Fund and the World Bank.
Another major initiative is the New Development Bank, which was established by BRICS countries in 2015 to finance infrastructure and sustainable development projects. For India, BRICS is particularly significant as it offers an avenue to strengthen ties with major economies while pushing for a more representative and multipolar global order.
