The BRICS group of emerging market countries (an acronym for Brazil, Russia, India, China and South Africa) has gone from a slogan dreamed up in investment banks 20 years ago to a real-life club that dominates multilateral financial institutions. It is made up of 10 member states, combining some of the major energy producers and the largest consumers from the developing world. The group is growing in power and increasing its economic influence in a world dominated by the United States.
The block will expand in early 2024 to include Bloomberg Terminal Iran, UAE Bloomberg Terminal, Ethiopia, and Egypt. Saudi Arabia was also announced as a new member, but Saudi Arabia has not yet made a final decision on whether to join. Argentina’s President Javier Millei, who took office in December 2023 and is steering his country’s geopolitical direction away from China and Brazil and closer to the United States, declined the invitation to become a member. In November 2024, Turkey announced that it had been granted “partner state status”, contrary to expectations that it would receive full membership. Many other countries are also offered second-tier membership without voting rights. The group unanimously agreed to recognize Indonesia in January 2025, according to the Brazilian government. Countries still seeking participation include Malaysia and Thailand.
