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Line 1: − The '''Brick nations''' or '''BRIC nations''' are countries which are in today's [[economy]] not considered [[core nations]] but whose economies are growing at a very rapid rate. Among these secondary countries are usually included [[Brazil]], [[Russia]], [[India]], and [[China]], hence the acronym "[[BRIC]]".+ + − == First Summit ==+ − The first summit of the BRIC nations was held in Yekaterinberg, once an industrial jewel of the [[Soviet Union]]. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.+ − == See also ==+ − * [[Core nations]]+ − * [[Brazil]] − * [[Russia]] − * [[India]] − * [[China]] + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
clean up, typos fixed: April 23, 1997 → April 23, 1997,, ’s → 's (2)
[[File:BRICSvsG7-1724154539.6477.jpg|right|300px|thumb|[[Demographics]] of BRICS v G7]]
'''BRICS''' is an acronym that refers to the developing economies of [[Brazil]], [[Russia]], [[India]], [[China]], and [[South Africa]]. In 2022 the BRICS group surpassed the [[G7]] of [[Western alliance|Western aligned]] nations in their share of contributions to world [[GDP]]. In August 2023, [[Argentina]], [[Egypt]], [[Ethiopia]], [[Saudi Arabia]], [[Iran]], and the [[United Arab Emirates]] (UAE) formally were admitted to BRICS+. By 2024 BRICS members accounted for 36.7% of World [[GDP]], whereas the [[G7]] accounted for 29.6%. BRICS members are 47% of the world's population, and control's 80% of the [[oil]] production on [[Earth]]. "Its founding members have called for a fairer world order and the reform of international institutions like the [[United Nations]], the International Monetary Fund and the World Bank."<ref name="AP">https://www.aol.com/turkey-seeks-join-brics-bloc-133937133.html</ref>
In 2025 [[Indonesia]], the 4th largest population on the planet and 7th largest [[economy]] with a [[GDP]] of $1.4 trillion, was made a full member.
In September 2024, [[NATO]]-member [[Turkey]] applied to join the [[Russia]]-led BRICS, after years of frustration by Turkey in unsuccessfully seeking to join the [[European Union]]. Turkey's President "Erdogan, who has been in power for more than two decades, has sought to carve a more independent foreign policy for Turkey and to enhance its global influence."<ref name="AP"/>
[[Algeria]], [[Indonesia]], [[Kazakhstan]], [[Bahrain]], [[Nigeria]], [[Senegal]], [[Thailand]], [[Nicaragua]], and [[Afghanistan]] have expressed interest in joining. Even the [[Vatican]] has sought membership as an observer.
BRICS leaders are aligned as anti-[[corporatist]] and anti-[[fascist]], which simply means they want to make decisions themselves, and do not want [[multinational corporation]]s to become more powerful than the government. The BRICS group are essentially the opposing element to the [[World Economic Forum]]. BRICS is working to devise measures to prevent the kind of predatory [[military]] assaults the [[U.S.]] carried out against [[Iraq]], [[Libya]], [[Somalia]], [[Yemen]] and [[Afghanistan]]. The BRICS group is essentially a group of nations that do not want corporations and multinational banks running their government. BRICS countries want their government running their government, whatever form of government that exists in their nation, even if it is [[communist]]. Prime Minister [[Narendra Modi]] of [[India]] said "BRICS is not an anti-[[Western]] alliance; it is simply non-Western."
BRICS is not a [[free trade]] bloc, but members do coordinate on trade matters and have established a policy bank, the New Development Bank, (NDB) to coordinate infrastructure loans. That was set up in 2014 in order to provide alternative loan mechanisms from the [[IMF]] and [[World Bank]] structures, which the members had felt had become too US-centric. 132 nations had been calling on the [[United Nations]] for a new financial model, immediately saw hope in the BRICS alternative banking and financing initiatives which began to take shape in 2015. Within the first year, 57 countries formally joined the China-led Asian Infrastructure Investment Bank (AIIB), constituting the first total break from the [[Western alliance|Western]] [[Bretton Woods]] institutions which were felt to impose [[political]] reform policies designed to assist the [[United States]] in return for providing loans. There are many other non-members who enjoy limited banking privileges, including the [[UK]], [[France]], [[Germany]], [[Italy]], [[New Zealand]] and [[Australia]]. Both the NDB and AIIB banks are Triple A rated and capitalized at US$100 billion. The NDB bank shares are held equally by each of the five BRICS members.<ref>[http://www.thebricspost.com/china-india-russia-largest-shareholders-in-china-led-bank/ China, India, Russia largest shareholders in China-led bank], ''The BRICS Post'', June 29, 2015.</ref>
While the Western nations de-industrialize and convert to so-called "green energy", the [[Global South]], led by the BRICS+ nations will continue to grow using traditional [[coal]] and [[fossil fuel]]s. De-industrialization and so-called "alternative energy sources" in [[the West]] has a negative impact on [[inflation]], [[food]] and energy prices, and living standards. However living standards in the Global South and BRICS+ nations are expected to continue rising.
In 2022 BRICS outpaced the [[G7]] in total GDP output. In total, the BRICS grouping as it currently stands accounts for over 40% of the global population and nearly a quarter of the world's [[GDP]]. The GDP figure is expected to double to 50% of global GDP by 2030.<ref>https://economicsinsider.com/g7-vs-brics-gdp-comparison/</ref>
==Origins==
The name BRICS comes from an acronym for Brazil, Russia, India, China, and South Africa. [[Goldman Sachs]] economist Jim O’Neill reportedly coined the term BRIC (without South Africa) in 2001 and the group was set up a few years later using the acronym.
The first summit of the BRICS nations was held in 2009 in Yekaterinberg, east of the [[Urals]] in the Russian Federation. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.
==New model of development==
The BRICS model of development is based on the following principles:
*Reform the international financial architecture
:BRICS countries should lead the way in reforming the international financial system to reflect the changing global economy.
*Create an alternative finance system
:BRICS countries should create an alternative to the [[World Bank]] and [[International Monetary Fund]] (IMF) through the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA).
*[[De-dollarization|Reduce reliance on the U.S. dollar]]
:BRICS countries should reduce their reliance on the U.S. dollar by increasing trade in local currencies or creating a common BRICS currency.
*Promote international cooperation
:BRICS countries should support international cooperation and focus on sustainable development.
*Strengthen people-to-people exchanges
:BRICS countries should promote closer people-to-people exchanges and enhance the exchange of governance experiences.
*Embrace diversity
:BRICS countries should promote the spirit of inclusiveness and harmonious coexistence among [[civilization]]s.
*Peaceful resolution of disputes
:BRICS countries should commit to the peaceful resolution of disputes through dialogue and consultation.
==Impact of Russian sanctions==
{{See also|Russian sanctions}}
The United States responded to the Russian intervention in [[Ukraine]] by using its control over the international banking system to slap sanctions on [[Moscow]]’s financial assets around the world, including freezing billions of dollars in banks in [[New York]]. By one estimate, $1 trillion in Russian assets were frozen and Russian banks were also denied access to the [[SWIFT]] global messaging service that connects financial institutions and facilitates rapid and secure payments.<ref>[https://www.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html# The West’s $1 trillion bid to collapse Russia’s economy], Analysis by Charles Riley, [[CNN]] Business, March 1, 2022.</ref> [[Washington, D.C.|Washington]] subsequently announced that the frozen money would not be returned and would be instead used for Ukraine's reconstruction. That set off warning lights all around the world, though there had already been similar behavior on the part of the US in relation to Iranian and [[Venezuela]]n assets. There is particular resentment throughout much of the developing world of US attempts to use primary and secondary sanctions to coerce countries that are disinclined to do so into supporting the [[NATO]] war effort in Ukraine.
Russia has used BRICS to demonstrate it is not isolated despite [[Western alliance|Western]] sanctions. The 2024 Kazan summit advanced BRICS Pay, a blockchain-based payment system designed to reduce dependence on the [[U.S. dollar]] and [[SWIFT network]].<ref>https://www.ibanet.org/BRICS</ref> While [[de-dollarization]] remains largely [[rhetoric]]al, [[bilateral]] [[trade]] in [[dollar]]s has declined as [[Economic sanctions|sanctions]] proliferate.
==Misunderstandings in the West==
The [[Collective West]] and its [[mainstream media]] have a pitiable and appalling misunderstanding what BRICS is and its aspirations. For example, in March 2025 [[President Trump]] stated that he thought [[Spain]] was member of BRICS.
BRICS expanded dramatically in 2024, adding Egypt, Ethiopia, Iran, and the United Arab Emirates to its original five members.<ref>https://www.cfr.org/backgrounders/what-brics-group-and-why-it-expanding</ref> The eleven-nation bloc now represents 45% of the world's population and more than a quarter of global [[GDP]]. More than thirty countries have expressed interest in joining, with thirteen admitted as partner countries at the October 2024 Kazan summit.
According to Carnegie Endowment analysis, Iran views BRICS as "both a [[geopolitical]] and [[economic]] counterweight to [[Western alliance|Western]] dominance."<ref>https://carnegieendowment.org/russia-eurasia/research/2025/03/brics-expansion-and-the-future-of-world-order-perspectives-from-member-states-partners-and-aspirants</ref> As one of the world's most [[Economic sanctions|sanctioned]] nations, [[Tehran]] sees the bloc as a hedge against [[American]] pressure. Supreme Leader [[Ayatollah Ali Khamenei]] stated in January 2025 that "one of our problems today is being dependent on the [[dollar]]."
Amid [[US]]-[[Iran]]ian tensions in early 2026, [[Russian Federation]] Deputy Foreign Minister and BRICS [[Sherpa]]<ref>A Sherpa is one who does all the heavy lifting in preparation before reaching a summit.</ref> [[Sergey Ryabkov]] clarified, "I would like to remind you that BRICS is not a [[military]] union and not a [[collective security]] organization with collective defense commitments. It has never been planned as such, and there are no plans to transform it for the purpose."<ref>https://tass.com/politics/2086713</ref>
==BRICS countries debt to GDP, 2025==
{{See also|Debt-to-GDP ratio}}
[[BRICS]] is leading global growth, accounting for more than 40% of the world's [[GDP]] according to [[IMF]] (PPP terms), with [[India]] and [[China]] as the primary drivers. Apart from having a healthier debt-to-GDP ratio than [[NATO]] countries as a whole, the projected economic growth for the BRICS countries in 2025 is also better — approximately 3.4% as a group — which outpaced the global average for the NATO countries of 2.8% and the [[G7]]'s 1.2%.
It's worth noting that [[Russia]]'s [[debt-to-GDP ratio]] in 2025 is estimated at ~19%, significantly lower than most [[NATO]] countries. This low ratio provides Russia with fiscal flexibility to manage its [[budget deficit]] (2.2% of GDP in 2025) and sustain [[war]]-related spending, unlike high-debt NATO members like the [[United States]], the [[United Kingdom]], [[France]], [[Spain]], [[Italy]], [[Canada]], and [[Germany]] which face tighter constraints.
[[File:BRICS debt to GDP.PNG|thumbnail|center|850px]]
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==History==
After the fall of the [[Soviet Union]], the [[United States]] published two documents in 1996, ''Joint Vision 2010'' which promoted [[Full Spectrum Dominance]], and ''A Clean Break: A New Strategy for Securing the Realm'', detailing the [[US]] [[hegemon]]'s plan to dominate [[West Asia]]. In response, Russian Foreign Minister [[Yevgeny Primakov]] formulated what was later called the Primakov Doctrine of which the core of BRICS—RIC—would eventually emerge. On April 23, 1997, the Russian-Chinese Joint Declaration on a Multipolar World and the Establishment of a New International Order was signed in [[Moscow]] by [[President Boris Yeltsin]] for the [[Russian Federation]] and [[President Jiang Zemin]] for the [[People's Republic of China]].<ref>https://digitallibrary.un.org/record/234074/files/A_52_153_S_1997_384-EN.pdf?ln=en</ref>
==See also==
*[[Belt and Road Initiative]]
*[[Shanghai Cooperation Organization]]
*[[Eurasian Economic Union]]
*[[Collective West]]
==References==
{{reflist}}
==External links==
*[http://infobrics.org/ BRICS Information Portal]
*[https://www.wnd.com/2023/09/brics-alliance-really-threat-u-s-hegemony/ Commentary by Scott Lively]
[[Category:Economics]]
[[Category:Economics]]
[[Category:International Relations]]