Context:
Prime Minister Narendra Modi has embarked on a five-nation diplomatic tour beginning July 3, 2025, with a focus on strengthening India’s engagement with the Global South and reinforcing cooperation through multilateral platforms such as BRICS. The tour includes official visits to Ghana, Brazil, Trinidad and Tobago, Argentina, and Namibia. PM Modi will participate in the BRICS Summit in Rio de Janeiro, Brazil.
About BRICS
Origin
- Coined in 2001 by Jim O’Neill, Chief Economist at Goldman Sachs, in the report “Building Better Global Economic BRICs”.
- Originally referred to Brazil, Russia, India, China (BRIC).
- South Africa joined in 2010, forming BRICS.
Headquarters
- BRICS Tower, Shanghai, China
Member Countries
- Brazil – Latin America’s economic leader with vast natural resources
- Russia – Reasserting its geopolitical and economic influence
- India – Fast-growing economy with a large domestic market
- China – Global industrial and trade powerhouse
- South Africa – Represents Africa and emerging economies on the continent
Formation Context
- Formed in 2006 (BRIC), expanded in 2010 (BRICS)
- Emerged from the need for economic and political collaboration among fast-growing emerging markets
Key Goals and Objectives of BRICS
- Economic Cooperation:
- Boost intra-BRICS trade, investment, and growth
- Advocate for a balanced global financial system
- Political Influence
- Seek greater representation in global institutions (IMF, World Bank)
- Counterbalance Western dominance
- Social Development:
- Promote inclusive growth, poverty reduction, and improved living standards
- Environmental Sustainability
- Collaborate on climate change and promote sustainable development
- Reform of Global Governance:
- Push for restructuring of the UN, IMF, and World Bank to reflect the interests of emerging economies
