BRICS
BRICS is a group of countries made up of Brazil, Russia, India, China and South Africa. The term was coined in 2001 to describe fast-growing economies that were predicted to collectively dominate the world economy by 2050.
BRICS nations encompass about 42% of global population and 27% of the world’s land surface.
In 2009, the group formed a more cohesive geopolitical bloc with their governments meeting annually at formal summits and coordinating policies.
The group is considered a geopolitical rival to the G7 bloc.
In August 2023, at the 15th BRICS Summit, it was announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates had been invited to join the bloc with full membership expect to take effect on January 1, 2024.
BRICS-11 Summit
The new BRICS-11 will account for a major share of key global inputs, according to calculations by Center for Strategic and International Studies researchers Gracelin Baskaran and Ben Cahill:
- 42% of the world’s oil supply
- 72% percent of rare earth minerals, with three of the five nations with the largest reserves
- 75% of the world’s manganese
- 50% of global graphite
- 28% of nickel