What to Know About the BRICS Group of Countries Rivaling the G-7

The BRICS group of emerging-market powers — 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 almost 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. Dozens more countries have expressed interest in joining its ranks.

The BRICS group expanded in early 2024 to include Iran, the United Arab Emirates, Ethiopia and Egypt. Saudi Arabia was also announced as a new member, though the kingdom has yet to take a final decision on whether to join. Argentinian President Javier Milei, who took office in December 2023 and is steering his country’s geopolitical alignment toward the US and away from China and Brazil, declined a membership invitation. The nations still seeking admission include Malaysia, Thailand and Turkey. Further enlargement is likely to be discussed at a summit in Kazan, Russia, on Oct. 22-24.