BRICS expansion

• The BRICS bloc has expanded to include five new full members.
• These are Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• Russian President Vladimir Putin, as the presiding head of BRICS, confirmed the development.
• This signifies a notable shift in the global landscape, characterized by increasing multipolarity and assertive middle powers challenging the established Western-led order.
• The newly expanded BRICS has a combined population of about 3.5 billion people, with a combined economy worth over $28.5tn or about 28% of the global economy.

ABOUT BRICS

• The BRICS bloc was established in September 2006.
• The acronym BRIC was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill.
  • It was originally named BRIC and included Brazil, Russia, India, and China.
• The last expansion of the BRICS took place in 2010 when South Africa joined, adding an “S” to the acronym a year after the bloc’s inception.
• The heads of state and government of the member nations convene annually with each nation taking up a one-year rotating chairmanship of the group.
  • India hosted the chair for the 2021 BRICS Summit.
• The bloc operates by consensus.