BRICS is an expanded version of the original BRIC acronym, incorporating South Africa, which joined the group in 2010. The BRICS nations — Brazil, Russia, India, China, and South Africa — represent a significant share of global GDP, population, and natural resources. The group holds annual summits to coordinate economic, political, and developmental cooperation, and has established institutions like the New Development Bank. In 2024, the bloc further expanded to include several additional members including Egypt, Ethiopia, Iran, and the UAE.
Example
“The BRICS summit resulted in a joint declaration calling for greater use of local currencies in bilateral trade to reduce dependence on the US dollar.”