BRICS Marks 25 Years, Evolving From Investment Acronym Into Powerful Global Alliance

Twenty-five years after the term BRIC was coined to describe four emerging economies with the potential to reshape global growth, the grouping has evolved into a major international bloc with 11 member countries. What began as an investment acronym created by Goldman Sachs economist Jim O'Neill has grown into a platform for political, economic and diplomatic cooperation. The story began in 2001, when O'Neill, then head of Global Economic Research at Goldman Sachs, published a research paper titled Building Better Global Economic BRICs. The paper focused on Brazil, Russia, India and China, four rapidly growing emerging-market economies that he identified as likely to play an increasingly important role in the global economy.

The term BRIC was designed as a play on the word “brick”, suggesting that these economies could form building blocks of future global economic growth. Initially, it was primarily an investment and economic concept rather than a formal political grouping. The acronym nevertheless gained attention rapidly and entered the vocabulary of investors, economists and policymakers as the four countries expanded their influence. The grouping subsequently moved beyond its original investment concept and developed into a platform for government-level engagement. Brazil, Russia, India and China began coordinating on issues of common interest, giving the acronym a political dimension.

South Africa joined the group in 2010, transforming BRIC into BRICS. Despite later expansion, the leaders retained the five-letter name for the bloc. Interestingly, Iran and the Middle East were already important subjects during the grouping's early government-level discussions. The first formal meeting of the BRIC countries at the government level took place in 2006, when developments surrounding Iran and the Middle East featured prominently. Two decades later, those issues are again expected to occupy an important place on the agenda as BRICS leaders gather for the 2026 summit. The bloc has also undergone its biggest expansion in recent years. Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates became full members in 2024, substantially increasing the grouping's geographic and economic reach.

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Indonesia joined in January 2025, taking the total number of member countries to 11. Iran's presence gives the 2026 summit an additional significance because the country has moved from being an issue discussed by the grouping to being a member participating directly in its deliberations. Iranian President Masoud Pezeshkian is scheduled to attend the summit, bringing Tehran's perspective directly into discussions among the expanded group of emerging and developing economies. The evolution of BRICS reflects how dramatically the global economic and diplomatic landscape has changed since the original acronym was introduced. The four economies identified by O'Neill were initially grouped together because of their growth prospects and expanding role in the world economy.

Over time, their cooperation developed into a broader political and economic partnership. The bloc's expansion has also changed the scale of its ambitions. With countries from Asia, Africa, the Middle East and South America participating, BRICS now represents a considerably broader collection of emerging and developing economies than the original BRIC concept. Its members have increasingly sought greater cooperation on economic and international issues while advocating a stronger role for developing countries in global affairs. Yet the name itself remains a reminder of the grouping's origins. Despite the addition of South Africa and the subsequent expansion to 11 members, the BRICS label has been retained rather than being altered to reflect the current number of participants.

The decision preserves the identity created when Brazil, Russia, India and China were first brought together under the BRIC acronym. The 2026 summit therefore represents another stage in a journey that began with an economic research paper rather than a formal political project. From O'Neill's “BRICs” concept to today's expanded BRICS grouping, the bloc has developed from a shorthand for four fast-growing economies into a significant forum for international cooperation. The return of Iran and Middle East issues to the centre of discussions also provides an intriguing link between the group's early government-level engagement and its agenda more than two decades later.

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