14/09/2026
BRICS was formally established on June 16, 2009. It was created through the collective initiative of four major emerging economies rather than a single individual founder.
Establishment and Founding Nations
Founding Nations: Brazil, Russia, India, and China (BRIC) are the founding members. The group was renamed BRICS after South Africa joined in 2010.
Initial Meetings: In 2006, the foreign ministers of these four nations held their first meeting during the UN General Assembly. Later, on June 16, 2009, the first official summit was held in Yekaterinburg, Russia.
Origin of the Term: The acronym 'BRIC' was first coined in 2001 by economist Jim O'Neill to highlight the high potential for economic growth in these nations.
Core Objectives
Multipolar World Order: To balance global politics dominated by Western nations like the US and European powers, thereby creating a multipolar world order.
Alternative Financial System: To establish alternative financial institutions (such as the New Development Bank) to counter Western-controlled entities like the World Bank and the IMF.
De-dollarization: To reduce reliance on the US Dollar by encouraging trade settlements in local currencies among member nations.
Economic Cooperation & Development: To promote mutual trade, technology transfer, and infrastructure investment among developing countries.
