Understanding the BRICS Bloc: Five Key Insights Ahead of the 2026 Summit
As India prepares to host the 18th BRICS Summit in New Delhi in 2026, the intergovernmental grouping continues to expand its influence on global affairs. Beyond the high-profile discussions, several foundational facts illuminate the bloc's unique nature and evolution. Here are five essential insights into BRICS:
1. The "BRIC" Acronym Originated from an Economist, Not Governments
The term "BRIC" was not a governmental creation but rather coined by British economist Jim O'Neill in a 2001 Goldman Sachs research paper. O'Neill, then chief economist, used the acronym to identify Brazil, Russia, India, and China as four major emerging economies with significant global potential. Initially an economic and investment concept, the four nations later adopted the idea, holding their first leaders' summit in 2009. South Africa joined in 2010, transforming "BRIC" into "BRICS."
2. BRICS Functions as a Forum, Not a Formal Alliance
Despite its growing geopolitical importance, BRICS operates as an intergovernmental grouping rather than a military alliance like NATO or a formal political bloc with unified foreign policy. It serves as a platform for cooperation across diverse areas including trade, finance, development, technology, health, and global governance. Member countries often maintain differing positions on international issues, underscoring its role as a cooperative forum for emerging and developing economies.
3. The Bloc Established Its Own Development Bank
A significant institutional achievement of BRICS is the New Development Bank (NDB), often referred to as the BRICS Development Bank. Established by the original five members, the NDB aims to finance infrastructure and sustainable development projects within member countries and other eligible nations. Headquartered in Shanghai, China, with regional offices in Johannesburg, São Paulo, Ahmedabad, and Moscow, the bank complements existing international financial institutions.
4. BRICS Represents Nearly Half of the World's Population
The BRICS grouping has expanded significantly since its inception. By 2026, it comprises 11 full members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Indonesia, and Saudi Arabia. Based on 2026 UN World Population Prospects estimates, these 11 countries collectively account for approximately 4.01 billion people, representing about 48.3% of the global population of 8.30 billion – nearly one in every two people on Earth.
5. Understanding the Role of a BRICS Sherpa
A BRICS Sherpa is a senior government official tasked with representing their member country in the detailed negotiations and preparatory work leading up to the leaders' summit. The term draws from the Himalayan Sherpa people, known for guiding climbers. In diplomacy, Sherpas work diligently behind the scenes, drafting documents, negotiating positions, coordinating discussions, and building consensus among member nations to ensure issues are resolved at the official level before reaching the heads of government.