BRICS is the acronym coined to associate five important economically emerging countries: Brazil, Russia, India, China, and South Africa. This lobby has great economic influence all over the world and tremendous potential back home.
The five member states of BRICS are known for their significant influence on regional affairs, primarily because of their economic affluence. They are the members of the G20 and have a collective GDPs of over 20 Trillion US Dollars. This amount is about 24% of the world's GDP.
Intially, the BRICS did not have South Africa and was called the 'BRIC'. The first BRIC summit was held in Russia in 2009. South Africa became a member in 2010 after an invitation by China to the group.
The BRICS forum, formed in 2011 promoted commercial, political, and cultural cooperation between the BRICS nations.
India hosted the BRICS summit back in March 2012 and October 2016 when the issues like telecommunications, prospering from the global recession, counter-terrorism, economies, and climate change have been discussed.
In the current BRICS summit of 2021, which is being hosted by India, online, the New Delhi declaration has been adopted. It calls for reforms of the principal organs of the United Nations including instilling new life in the discussions on the reform of the UN Security Council (UNSC). The leaders have also highlighted the need for cooperation on the study of the origins of the SARS-COV-2.