Two decades after the BRIC grouping emerged, BRICS has evolved into a major platform representing the growing economic and political influence of emerging markets.
What began as an acronym for Brazil, Russia, India and China has developed into a broader grouping focused on trade, finance, development, technology, supply chains and global governance.
With its expanding membership and growing economic weight, BRICS is contributing to a more multipolar global economy while seeking greater representation for developing and emerging countries in international institutions.
BRICS economies accounted for nearly 40% of global GDP on a purchasing power parity basis in 2024, compared with about 29% for the G7, according to IMF data cited in the source.
Trade among BRICS members has also expanded substantially. Intra-BRICS trade increased more than 13-fold, from around USD 84 billion in 2003 to approximately USD 1.17 trillion in 2024, according to UN Trade and Development (UNCTAD).
However, this still represents only about 5% of global trade, highlighting the gap between the grouping’s economic size and its level of internal integration.
The grouping has expanded significantly since its original formation.
South Africa joined in 2010, followed by the more recent inclusion of Egypt, Ethiopia, Iran, Indonesia, the UAE and Saudi Arabia.
The expansion reflects the growing importance of emerging economies in global growth, manufacturing, commodities, investment and trade.
It has also strengthened BRICS as a platform through which developing economies can push for greater representation in global economic and political institutions.
China remains the dominant trading power within BRICS.
According to the source, UNCTAD’s 2026 study identifies China as the largest exporter and importer in intra-BRICS trade, while several other members remain heavily dependent on BRICS markets.
Economist Manoj Pant cautioned that growing intra-BRICS trade should not automatically be interpreted as evidence of a deeply integrated economic bloc.
He pointed to China’s central position in global supply chains and the limited institutional and business connections among smaller industries in BRICS countries.
BRICS has achieved substantial growth in merchandise trade. The source cites UNCTAD estimates showing that members’ merchandise exports increased from nearly USD 1 trillion in 2003 to around USD 6 trillion in 2024.
Their share of global exports also doubled from approximately 12% to 24%.
Yet deeper economic integration remains a challenge.
Investment, institutional links, telecommunications infrastructure and connections among smaller businesses could be important indicators of whether BRICS economies are becoming a genuinely integrated economic ecosystem.
One of BRICS’ most tangible institutional achievements is the New Development Bank (NDB), established in 2014.
Created outside the traditional Bretton Woods framework, the bank has expanded its membership and increasingly focused on:
- Infrastructure development
- Sustainable development
- Local-currency financing
- Funding diversification
At the 2025 BRICS Summit in Rio, leaders supported greater local-currency financing and diversification of funding sources while highlighting the NDB’s role in supporting the Global South.
Reducing excessive dependence on the US dollar has become another prominent issue within the BRICS agenda.
The discussion has gained importance amid concerns over sanctions, financial restrictions and geopolitical use of the international financial system.
The source notes that an increasing number of countries are showing willingness to conduct transactions in non-dollar currencies.
However, the focus is not necessarily limited to replacing the dollar. It also involves creating greater choice and diversification in international financial and trade arrangements.
India has consistently supported greater representation for emerging economies in global institutions while maintaining strong economic relationships with Western markets, investment and technology.
Under India’s 2026 BRICS chairship, the emphasis has been on practical economic cooperation rather than replacing the existing global economic system.
At the 16th BRICS Trade Ministers’ Meeting in Jaipur, India pushed for:
- A WTO-centred multilateral trading system
- Resilient and diversified global value chains
- Greater internationalisation of MSMEs
- Trade finance
- Cooperation in digitally delivered services
The meeting also advanced the Strategy for BRICS Economic Partnership 2030, covering trade, investment, services, the digital economy, innovation, financial cooperation and sustainable development.
