This article was automatically translated from the original Turkish version.
BRICS is an economic organization that emerged as an alternative to the United States and Europe, initially established in 2009 under the name BRIC and later expanded to become BRICS. The term BRIC was first introduced in 2001 by Goldman Sachs economist Jim O’Neill. O’Neill predicted that these countries, due to their economic size rapidly growing production capacity and youthful populations, would become transformative important actors in the global economic structure. BRIC is derived from the initial letters of the four countries:
The economic potential of these four countries has made them powers closely watched and increasingly influential in the global economy.
The BRIC countries not only possess significant economic size but also exhibit diverse characteristics. However, several notable similarities exist among all these nations:
Rapidly Growing Economies: Unlike developed countries, BRIC nations derive their growth largely from internal dynamics and external demand. China and India have become central to global trade by expanding production capacity, while Brazil and Russia have grown through their natural source wealth.
Youthful and Dynamic Populations: A large proportion of these countries’ populations are young and dynamic. In particular, India and China together account for a significant share of the world’s population, driving increased domestic demand, expanding labor capacity, and contributing to urbanization and industrialization like.
Natural Resource Wealth: Russia and Brazil are countries endowed with vast natural resources. Russia holds major global significance in the energy sector, particularly oil and natural gas, while Brazil is rich in resources in agriculture and mineral sectors.
Global Economic Influence: BRIC countries are becoming an increasingly large part of international trade. China has become the world’s largest producer and exporter, while India and Brazil have emerged as key centers for rapidly growing markets and foreign investment.
International Financial Institutions and Investments: These countries attract attention not only through trade but also through large-scale international investments. BRIC nations have entered a process of creating alternative financial structures and global institutions beyond the Western-dominated economic order. In 2014, the BRIC countries established their own development bank, the New Development Bank (NDB), as an alternative to Western-led institutions such as the World Bank and IMF.
In 2010, with the accession of South Africa to BRIC, the group adopted the name BRICS. South Africa’s inclusion was a strategic move aimed at enhancing the group’s economic influence across the African continent. BRICS has since evolved into not only an economic building but also a political and diplomatic platform. These countries have begun to coordinate to gain greater word in global governance, organizing various summits and meetings.
In 2024, at the summit held in Russia, Iran, Egypt, Ethiopia, and the United Arab Emirates were admitted for the first time as full members. Indonesia became the first Southeast Asia country to join BRICS as an official member in early 2025.BRICS+, or its expanded form, has been informally used since 2024 to reflect the new membership.
Russia has announced that as of 2025, nine countries will join BRICS with “associate state” status. According to this announcement, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda and Uzbekistan have accepted membership as “associate states” as of 2025. It has also been reported that invitations have been extended to four additional countries for the same status.
Member countries of BRICS as of 2024:
Associate State status:
The economic partnerships among BRICS countries are generating significant political impact. BRICS has begun to act collectively to gain greater voice globally and has established itself as a multilateral diplomatic platform. Particularly at the 2023 summit, countries such as Iran, Saudi Arabia, and Argentina joined BRICS, signaling further shifts in global economic balances. Türkiye’s interest in this structure is an indication of these countries’ desire to exert greater influence on the global political stage.
The goal of BRICS to create a common money unit is not only an economic step but is also viewed as a strategic move against the dominance of the US dollar in global trade. The sanctions and unilateral policies imposed by the United States have encouraged BRICS countries to develop alternative financial structures. The creation of such a currency could offer numerous advantages, including reducing global economic volatility, weakening the dollar’s role in international trade, and enhancing economic independence among member states.
The rising influence of BRICS in the global economy has spurred efforts to find alternatives to the dominance of the US dollar and the euro in international trade. Many experts note that BRICS countries aim to conduct a larger share of global trade in their own currencies and are seriously considering the creation of a common currency.
Discussions are currently underway among BRICS countries regarding the establishment of a common currency. As of 2023, Russia and China, among others, have taken steps to increase the use of their currencies in international trade. Russia decided to conduct trade with China in yuan to avoid Western sanctions, while India prefers payments in its own currency or the yuan instead of the US dollar. However, as of now, no common currency has been established, and this appears to be a longer-term objective.
Türkiye is one of the potential partners of BRICS countries and continues to deepen its relations with this bloc. As of 2024, Türkiye is among the countries that have not joined BRICS but maintain cooperative relations with the platform. Türkiye’s interest in BRICS is based not only on economic but also on geopolitical and strategic factors.
The new dynamics created by BRICS countries in the global economic and political structure continue to profoundly affect the world economic order. The development of a common currency will enhance BRICS’s economic influence and create a new paradigm to replace the dollar in global trade. This process is emerging as one of the most important developments shaping the future of the global economy.
Population Data: BRICS countries account for a large share of the world’s population. China and India are the two work countries hosting approximately one-third of the global population. Therefore, the combined population of BRICS countries exceeds approximately 40% of the world’s total. This vast population is a critical factor influencing the size of domestic markets and global production and consumption trends.
Economic Size: The economic size of BRICS countries is highly significant for the global economy. China is the world’s second-largest economy and accounted for approximately 18% of global GDP as of 2024, while India is emerging as a rapidly growing economy. Russia, Brazil, and South Africa have smaller economies but significantly contribute to the overall economic scale of BRICS.
The combined GDP of BRICS countries amounts to approximately 25–30% of the global economy, underscoring BRICS’s role in global economic growth. As of 2023, China’s GDP was around 18 trillion US dollars, India’s approximately 3 trillion, Brazil’s 2 trillion, Russia’s 1.5 trillion, and South Africa’s around 400 billion US dollars.
Share in Global Trade: BRICS countries hold a significant share in global trade, accounting for more than 20% of worldwide trade. China is one of the most important players in global trade, controlling a substantial portion of global goods and services trade. India holds a strong position in information technology and services. Brazil and Russia are major exporters in agriculture and energy products, while South Africa is a key player in mining and metal products.
BRICS’s share in global trade stems from its integration into global supply chains. Areas such as China’s manufacturing capacity and India’s services sector are key factors shaping the trade of these countries on a global scale.
Exports and Imports: BRICS countries play a vital role in the global economy as both exporters and importers.
Inflation Rates: As developing economies, BRICS countries experience fluctuating inflation rates over time. Generally, inflation rates in developing economies tend to be higher than in developed countries.
Foreign Debt: The foreign debt levels of BRICS countries vary according to their economic size. However, in general, foreign debt is a factor that supports growth in developing economies but can also generate economic risks.
BRICS summits are high-level meetings held annually by the BRICS countries—Brazil, Russia, India, China, and South Africa—where leaders gather to discuss global economic issues, development, multilateralism, trade, investment, energy, and international cooperation. The first summit was held in 2009.
Common Characteristics of BRIC Economies
Expansion of BRICS
Policy and Strategic Implications of BRICS
BRICS and a Common Currency
Türkiye’s Interest in BRICS and Its Future
Economic Data on BRICS Countries
BRICS Country Summits