BRICS is a group of major emerging economies - Brazil, Russia, India, China and South Africa. It was initially called BRIC without an S because the bloc did not include South Africa. South Africa joined in 2010 – then the group became known as BRICS.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies. Russia and China are the leading members.
Ahead of its summit in Johannesburg South Africa, over 40 countries including Iran, Saudi Arabia, Bangladesh and Argentina, have expressed interest in joining the bloc, according officials.
The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
It operates by consensus. The heads of state and government of the member nations convene annually for a summit.
Alternative to West?
Each member takes up a one-year rotating leadership of the group. Together, BRICS accounts for more than 40% of the world population and a quarter of the global economy.
The group's focus includes geopolitics, economic cooperation and increasing multilateral trade and development.
Members of BRICS and those interested in joining, view the bloc as an alternative to global bodies dominated for so long by traditional Western powers led by the United States. They want to change the way the world is run.
