July 3rd (AMSP/CGTN) – – In a world undergoing profound geopolitical shifts and a steady rebalancing of the global economy, BRICS – originally comprising Brazil, Russia, India, China and South Africa – has emerged as a magnet for emerging economies seeking greater representation, equity and a voice in global governance.
On January 6, 2025, Brazil, the bloc’s rotating chair for the year, announced that Indonesia had officially joined BRICS, marking the group’s latest and most significant expansion to date. With this addition, BRICS now comprises 11 member states, representing nearly half of the world’s population and contributing over 30 percent of global GDP.
Perhaps even more telling, BRICS countries now contribute to more than 50 percent of global economic growth – underscoring the bloc’s growing role as a key driver of the world economy and an increasingly influential platform for South-South cooperation and inclusive global development.
A widening circle
The term “BRIC” was originally coined in 2001 by former Goldman Sachs economist Jim O’Neill to refer to four rapidly growing emerging markets – Brazil, Russia, India and China – noted for their significant economic potential. In 2006, the foreign ministers of the “BRIC” countries convened in New York to formally establish the bloc. With the inclusion of South Africa in 2010, the acronym was updated to BRICS.
The accession of countries including Saudi Arabia, Egypt, the United Arab Emirates (UAE), Iran and Ethiopia in January 2024 effectively doubled the bloc’s membership and markedly broadened its global influence. With this historic expansion, BRICS has entered a new stage of what many are calling “Big BRICS cooperation.”
More than 30 countries have formally applied to join BRICS, while the newly introduced BRICS Partnership format has welcomed 10 nations, including Malaysia, Nigeria, Uganda, Bolivia and Vietnam.
“BRICS has become a key entry point for resolving internal contradictions among developing countries,” said Yaroslav Lissovolik, founder of the think tank BRICS+ Analytics.
He described the evolving “Big BRICS” framework as a unique engine of opportunity for emerging markets, amplifying their collective voice and enhancing their role in shaping the global agenda.
A rising economic force
BRICS has emerged as a vital force in the global economy thanks to the combined strengths of its members.
According to Professor Chen Xulong, executive vice dean of the Institute for National Security and Governance at the University of International Business and Economics, the bloc brings together some of the world’s largest emerging markets – nations with vast labor forces and enormous consumer demand. This scale has created gargantuan development potential, attracting foreign capital and driving domestic growth.
The expansion of BRICS has further enhanced its economic footprint. “Saudi Arabia, a major oil exporter, reinforces the bloc’s energy influence, while Egypt’s strategic control over the Suez Canal strengthens BRICS’s role in global logistics,” Chen noted.
Trade data underscores the bloc’s deepening cooperation. Customs data showed that in the first nine months of 2024, China’s foreign trade with other BRICS countries reached 4.62 trillion yuan (approximately $648 billion), a 5.1 percent year-on-year increase. This growth is supported by strong economic complementarities, China’s continued high-level opening-up and a network of free trade agreements among BRICS members.
China’s exports of steel and textile raw materials to fellow BRICS countries rose by 8.6 percent and 13.4 percent, respectively. Intermediate goods such as integrated circuits, tablet display modules, and aircraft parts saw double-digit growth, helping partner countries upgrade their emerging industries.
Agricultural trade has also flourished. In the first three quarters of 2024, over 80 percent of China’s poultry and frozen pollack imports and more than 50 percent of its crab imports came from other BRICS nations. These figures reflect not only the expanding trade volumes among BRICS countries, but also the increasingly diversified and value-added exchanges.
“BRICS trade cooperation goes beyond market access – it fosters technological exchange, drives innovation and creates new opportunities for member states and the world at large,” said Hong Yong, a researcher at the Chinese Academy of International Trade and Economic Cooperation.
Through deeper internal ties and stronger partnerships with other developing nations, BRICS is steadily reshaping the global economic landscape – moving it from unipolarity toward a more balanced, multipolar structure, noted Wang Lei, director of the Center for BRICS Cooperation Studies at Beijing Normal University.
Toward a more equitable world order
BRICS’s appeal extends beyond economics. As Al Jazeera reports, many countries in the Global South see it as a credible platform for advancing a fairer international system. Turkish broadcaster TRT similarly observes that BRICS’s emphasis on economic cooperation over political alignment is a key factor in its appeal.
“The expansion of the BRICS family reflects the evolution of the global order and the rising momentum for unity and cooperation among developing nations,” said Professor Wang.
He emphasized that the bloc gives voice to the aspirations of emerging economies, particularly in their pursuit of modernization through sovereign development paths. “As more countries express interest in joining, BRICS will continue to reflect the global trend toward inclusive multilateralism,” he said.
Wei Qijia, a researcher at China’s National Information Center, echoed this view, pointing out that BRICS’s popularity stems from its core values of openness, inclusiveness, and win-win cooperation. “What BRICS offers is not a zero-sum contest, but a vision of globalization that empowers the Global South,” he said.
“Boundless is the ocean where we sail with the wind,” an ancient Chinese poem reads. For many in the Global South, BRICS is fast becoming that wind.