BRICS Intergovernmental Organization

BRICS is an interstate association comprised of the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China, and the Republic of South Africa. On 1 January 2024, Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia joined BRICS.

The first meeting in the BRIC format took place on 20 September 2006 on the sidelines of the 61^st session of the UN General Assembly in New York. The meeting was attended by the ministers of foreign affairs of Russia, Brazil, and China and the minister of defence of India, who all agreed to develop multifaceted cooperation among the four countries.

On 16 May 2008, the first full-format meeting of the heads of BRIC foreign policy agencies took place in Yekaterinburg, Russia. The meeting resulted in the adoption of a joint communique that reflects the countries’ common positions on current issues concerning global development.

The first BRIC summit took place on 16 June 2009 in Yekaterinburg. The final Joint Statement stated the desire of BRIC countries to develop “an incremental, proactive, pragmatic, open, and transparent dialogue and cooperation” that is “conducive not only to serving common interests of emerging market economies and developing countries, but also to building a harmonious world of lasting peace and common prosperity”.

With the accession of the Republic of South Africa (the first summit with South Africa took place on 14 April 2011 in Sanya, China), the abbreviation ‘BRICS’ was established as the name of the association.

Today, BRICS accounts for about a third of global GDP and 45% of the planet’s population. The BRICS states are influential participants in such authoritative international structures as the UN, G20, WTO, Non-Aligned Movement, Group of 77, as well as regional associations (CIS, CSTO, EAEU, SCO, APEC, LAS, GCC, OIC, BIMSTEC, MERCOSUR, African Union, and SADC, among others).

Over time, BRICS has developed into a multidisciplinary strategic partnership that is based on three key pillars: politics and security, economics and finance, and culture and humanitarian ties. Relations between BRICS partners are built on the basis of equality and mutual respect, as well as the principles of openness, pragmatism, solidarity, and not being directed against anyone.

The BRICS chairmanship is passed to a member state on a rotational basis during the calendar year. All decisions are made by consensus. More than a hundred meetings are held annually, including approximately 20 at the ministerial level. Interaction is developing among city administrations, businesses, academic and scientific communities, and civil society. The institution of national sherpas/sous-sherpas helps to coordinate the association’s day-to-day work.

One of the priorities of BRICS activities is to promote the formation of a multipolar democratic world and strengthen global security and stability around the world. The association consistently advocates for compliance with the principles of international law with the UN in the central role, and the rejection of unilateral coercive measures.

A key outcome of BRICS interaction was the launch of the New Development Bank (NDB), which is headquartered in Shanghai, and the BRICS Contingent Reserve Arrangement with total funds of USD 200 billion. In 2018, the NDB African Regional Centre opened in South Africa. Similar structures were established in Brazil, Russia, and India in 2019, 2020, and 2022. Bangladesh and the UAE officially became new members of the Bank in 2021, and Egypt in 2023.

An important milestone in the association’s development was the 15^th BRICS Summit in Johannesburg (22–24 August 2023). The historic decision was made to expand BRICS by inviting new states to join. The final declaration recorded the leaders’ instructions to develop modalities for establishing the category of ‘BRICS partner states’. The foundations have been laid for future discussions on financial and economic issues, including increasing payments in national currencies.