Brics through the years: India is hosting the summit for the fourth time

The earlier occasions were in 2012 (New Delhi), 2016 (Goa) and 2021 (held virtually due to the Covid-19 pandemic)

From Bric to a global bloc

 In 2001, Jim O’Neill, then head of Global Economic Research at Goldman Sachs, coined the acronym ‘Bric’ in a research paper, arguing that Brazil, Russia, India and China — four fast-growing emerging economies — would be key drivers of future global growth. 

The first government-level meeting of Bric countries, involving their foreign ministers, took place on the sidelines of the UN General Assembly in 2006. The agenda included Iran and West Asia. The West Asia conflict will again be a key discussion point at the 18th Summit in New Delhi, with Iranian President Masoud Pezeshkian in attendance. 

 

South Africa joined Bric in 2010, turning the grouping into Brics. 

Brics gets bigger 

11 members: Egypt, Ethiopia, Iran, Saudi Arabia and the UAE became full members in 2024. Indonesia joined in January 2025

 10 partner countries: Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam joined as partner countries in 2025

 

 

Bloc’s trade story: India’s deficit widens  The West Asia conflict has affected trade across the grouping. Iran’s total merchandise trade declined 22.8 % and the UAE’s 10 % in the first half of 2026. China’s trade rose 21 %, South Africa’s 20 %, while India’s and Russia’s grew 12% and 11.6%, respectively. 

The other 10 Brics countries accounted for 20 % of India’s exports and 43 % of its imports. India’s imports from these countries were nearly 3.7 times its exports to them. 

Imports: $320 billion in 2025, up at a CAGR of 3% between 2022 and 2025. In H1 2026, imports rose 13.5% year-on-year to 

$178 billion 

Exports: $96 billion in 2025, up at a CAGR of 1% between 2022 and 2025. In H1 2026, exports grew 4.6% year-on-year to $48 billion 

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Top import sources: China and Russia 

Top export markets: The UAE and China, accounting for 34% and 22%, respectively

 Trade deficit: Nearly $130 billion in H1 2026, up 17.2% from $111 billion a year earlier 

Surplus countries: Egypt and Ethiopia  

Biggest deficits: China at $62.9 billion and Russia at $33.6 billion in H1 2026 

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2025 deficit: $224 bn with the other Brics countries 

From crisis response to global influence 

The first Bric joint statement had 16 points. By the 17th summit in 2025, the declaration had expanded to 126 paragraphs, reflecting the grouping’s growing engagement across sectors 1st: Russia, June 2009 

Held in the aftermath of the 2008 financial crisis; stressed the G20’s central role and sought a greater voice for emerging economies in global financial institutions 

2nd: Brazil, April 2010 

Called on the IMF and World Bank to address their legitimacy deficits and explored regional monetary arrangements and local-currency trade settlement 

3rd: China, April 2011 

South Africa joined the grouping. Leaders called for stronger regulation of commodity derivatives markets

 4th: New Delhi, March 2012 

Discussed setting up a Brics Development Bank and welcomed an agreement to extend credit facilities in local currencies under the Brics Interbank Cooperation Mechanism

 5th: South Africa, March 2013

 Agreed to establish the New Development Bank (NDB) 15th: South Africa, August 2023 

Invited Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and UAE to become full members from January 1, 2024 

16th: Russia, October 2024 

Welcomed efforts to develop financing mechanisms in local currencies; agreed to study Brics Clear, an independent cross-border settlement and depositary infrastructure

 17th: Brazil, July 2025 

> Welcomed Indonesia and 10 partner countries

> Issued a statement on global AI governance, advocating human-centric and inclusive AI regulation

> Against the backdrop of US tariffs, voiced concern over unilateral tariff and non-tariff measures and stressed the importance of the WTO 

> Discussed the Brics New Investment Platform, established a multilateral guarantees initiative to mobilise private investment, and asked finance ministers and central bank governors to continue discussions on the Brics Cross-Border Payments Initiative