How BRICS Became So Much More Than Just a Slogan

The BRICS group of emerging-market nations — the acronym stands for Brazil, Russia, India, China and South Africa — has gone from a slogan dreamed up at an investment bank two decades ago to a real-world club that controls a multilateral lender. It doubled in size in 2024, pairing several major energy producers with some of the biggest consumers among developing countries and potentially enhancing the group’s economic clout in a US-dominated world.

The BRICS group expanded on Jan. 1 to include Iran, the United Arab Emirates, Ethiopia and Egypt. Saudi Arabia was also announced as a new member, though the kingdom later said it was still studying the invitation. Argentina was invited too, but President Javier Milei, who took office on Dec. 10, decided against joining. He had indicated during his campaign that he would steer his country’s foreign policy away from China and Brazil, saying, “Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists.” A further expansion is on the cards after Malaysia and Thailand announced plans to join.