Back in 2001, BRIC was an economic concept coined and popularised by economist Lord Jim O’Neill. The term initially referred to four countries — Brazil, Russia, India and China — which were seen as some of the world’s fastest-growing emerging economies. In 2009, the grouping formally evolved into a diplomatic bloc, with South Africa joining in 2011 to form BRICS. The grouping has since expanded significantly into an 11-member bloc, with Indonesia becoming its latest full member in 2025. Egypt, Ethiopia, Iran and the UAE joined in 2024. Together, the BRICS countries account for around 49.5% of the global population…
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