The 2026 BRICS Summit comes at a time of major geopolitical and economic uncertainty, with the grouping seeking to expand its influence and give the Global South a stronger voice in global affairs.
BRICS has come a long way since its origins as a dialogue among Russia, India and China. Over the years, it has expanded its membership, built financial institutions and emerged as an important platform for countries seeking a more balanced and multipolar international order.
How BRICS Came Into Being
The idea behind the grouping dates back to 1998, when Russian leader Yevgeny Primakov proposed closer cooperation among Russia, India and China during his visit to New Delhi. The initiative evolved into the Russia-India-China, or RIC, format. The foreign ministers of the three countries began meeting regularly from 2002, while their leaders held a trilateral meeting in St Petersburg in 2006.
Brazil later joined the grouping, turning RIC into BRIC. The first summit was held in Yekaterinburg, Russia, on June 16, 2009, bringing together the leaders of Brazil, Russia, India and China. The grouping emerged amid the global financial crisis and growing demands for greater representation for emerging economies in institutions such as the IMF and World Bank.
South Africa joined in 2010, giving the group its current BRICS name. The grouping has since expanded further with the inclusion of Egypt, Ethiopia, Iran, the UAE and Indonesia.
BRICS Was Never Meant To Be NATO
Despite its growing geopolitical importance, BRICS was not created as a military alliance or an alternative to NATO.
It has no collective-defence clause, permanent military command or binding security treaty. Instead, its cooperation has focused primarily on economic development, trade, finance and reform of global institutions. Its continued expansion has nevertheless strengthened its political significance. As the Western-led global system faces increasing pressure from geopolitical conflicts and economic fragmentation, BRICS has continued to grow.
Why BRICS Matters To The Global South
BRICS has gradually evolved from a club of emerging economies into a wider platform representing the interests of developing countries. The expanded grouping now has 11 members and 10 partner countries, with several other nations seeking closer ties with the bloc.
Together, BRICS countries represent nearly half of the world’s population and around 40% of global economic output in purchasing-power-parity terms. But its significance is not simply about economic size. Members argue that major global institutions were designed when the distribution of economic and political power was very different from today.
The UN Security Council, IMF and World Bank have therefore become central to calls for greater representation of emerging economies.
- BRICS provides one platform through which those demands can be made collectively.
- New Development Bank: A Key BRICS Achievement
One of the grouping’s most concrete achievements came in 2014, when members agreed to establish the New Development Bank. The institution became operational in 2015 to finance infrastructure and sustainable-development projects in emerging and developing economies.
The bank has since financed projects across BRICS countries, including India, and has become an important symbol of the grouping’s attempt to build institutions outside the traditional Western-dominated financial architecture.
BRICS members have also explored greater use of local currencies in trade and cross-border payments. The grouping, however, has not adopted a common currency and has not formally sought to immediately replace the US dollar. Instead, reducing excessive dependence on a single currency is viewed as a longer-term process.
Deep Differences Within The Bloc
BRICS’ growing influence does not mean its members have become a unified political or economic bloc.
India and China continue to face strategic and border tensions. Russia’s conflict with the West has produced different foreign-policy calculations among BRICS members. Iran also has complicated relations with some Gulf countries within the grouping.
There are significant differences in economic structures, trade priorities and political systems. China’s economic weight is far greater than that of most other members, leading to concerns that an expanded BRICS could eventually become too China-centric.
The grouping also lacks the institutional structure of organisations such as the European Union. It has no common treaty, shared budget or permanent secretariat with comparable powers.
Can BRICS Deliver A Multipolar World?
The biggest challenge for BRICS is therefore not expansion but cohesion. Its members are unlikely to agree on every geopolitical issue, and many have competing strategic interests. Yet complete political unity may not be necessary for BRICS to remain influential.
For India and several other members, the grouping provides a platform to pursue strategic autonomy while pushing for reforms in global governance.
BRICS is unlikely to replace NATO, the dollar or existing international institutions in the near future. Its significance lies elsewhere: it represents the growing willingness of emerging powers to demand a greater role in determining the rules of the global system.
The real test for BRICS will be whether it can convert its growing economic weight and expanding membership into practical cooperation while preventing internal rivalries from limiting its ambitions.
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