The Growing Influence Of BRICS

The 18th BRICS Summit, organised by India on 12th and 13th September, concluded successfully by issuing a 140-point New Delhi Declaration. The summit drew the attention of the world also due to the direct participation of the supreme leaders of three key global powers – China, India and Russia. The presence of the president of Iran, which has currently been engaged in warfare with the United States, is also another highlight of the summit.

The 140-point declaration is hailed as a major success of the summit, as the BRICS member states have harboured several differences on different geopolitical and economic issues. In this context, this article seeks to examine the origin and evolution of BRICS, its rising significance in global politics and its future. The term ‘BRIC’ was initially coined by Jim O’Neill, Goldman Sachs’ economist, in 2001 to refer to the fast-growing economies of four developing countries, Brazil, Russia, India and China.

At that time, 'O'Neil predicted that the four countries would considerably reshape and influence the global economy dominated by the West.