The BRICS group — initially composed of Brazil, Russia, India, China, and South Africa — has gained increasing relevance in the global economic landscape. Founded as an alternative to the dominance of traditional powers, particularly the United States and Europe, the group aims to establish an economic and geopolitical counterweight from the Global South. With the group’s expansion in 2024, which added five new countries and brought the total number of members to ten, the BRICS have not only strengthened their global weight but also diversified their internal perspectives, broadening their scope and influence.
Far from seeking open confrontation with Western powers, the BRICS aim to assert their own voice on the international stage. Many of their members share a common view: they have borne the negative consequences of the growth of developed economies — particularly in environmental matters — without having adequate decision-making power in the global system. In this context, their goal is clear: to reduce structural dependence and increase strategic autonomy.
The BRICS’ impact on the global economy is reflected in impressive figures. Together, they account for approximately 32% of global GDP — more than $27 trillion — and are involved in about 18% of global trade. They also house around 40% of the world’s population, making them a massive market and a key source of labor. Intra-BRICS trade has grown steadily, showing increasingly strong cooperation. In 2024, their average economic growth is projected to reach 4.5%, a remarkable figure given the current global uncertainties. This dynamic not only highlights their resilience but also their growing influence in shaping the economic future.
Beyond numbers, the BRICS are transforming the rules of global governance. They advocate for a more multipolar economy where decisions are not monopolized by Western-dominated institutions such as the International Monetary Fund (IMF) and the World Bank. In this regard, they have promoted the creation of their own mechanisms, such as the New Development Bank (NDB), established in 2014 to finance infrastructure and sustainable development projects in member countries and other emerging economies. Unlike traditional institutions, the NDB tailors its conditions to the specific needs of these economies, offering a more equitable and sovereign financing alternative.
Ultimately, the BRICS are playing a key role in reshaping the international economic order. Their consolidation as a bloc not only highlights the rise of the Global South but also underscores the need for a more balanced, representative, and fair international system.
