Leaders from the BRICS nations are set to assemble in
The grouping, which originated from a 2001 economic concept by Goldman Sachs economist Jim O'Neill, formally convened as a bloc in 2009 with Brazil, Russia, India, and China. South Africa joined in 2011, and the coalition has since undergone further expansion, welcoming Egypt, Ethiopia, Iran, and the United Arab Emirates in 2024, followed by Indonesia in 2025. Saudi Arabia remains an invitee, though it has yet to formally accept membership.
The Bloc's Economic Ambitions and Internal Friction
The primary institutional achievement of the alliance is the New Development Bank, established in 2015 to provide funding for infrastructure and sustainable development within emerging markets. According to the bank's records, it has approved 139 projects totaling approximately $43 billion. However, the institution has suspended new transactions involving Russia due to international sanctions. Beyond development financing, the bloc is actively pursuing a BRICS Pay System designed to facilitate cross-border settlements that bypass traditional dollar-based banking, while also exploring the integration of central bank digital currencies.
Despite these initiatives, the group faces internal hurdles regarding its core mission. While Russia and China have positioned the bloc as a strategic counterweight to Western influence, members such as India and Brazil have emphasized a focus on economic reform and cooperation. The recent expansion has further complicated the group's consensus-based decision-making process. These divergent foreign policy interests were evident during a meeting of foreign ministers in New Delhi this past May, where disagreements between Iran and the United Arab Emirates prevented the issuance of a joint statement. India now faces the challenge of bridging these gaps during the current summit.
Geopolitical Context and Western Relations
Western nations have maintained a cautious stance toward the bloc, viewing it as a potential vehicle for shifting the global balance of power. The group has also faced direct criticism from U.S. President Donald Trump, who has characterized the alliance as anti-American. President Trump has signaled a willingness to impose tariffs on member nations should they attempt to establish a new BRICS currency or support alternatives to the U.S. dollar. While Brazil previously proposed the creation of a common currency during its chairmanship last year, the initiative was ultimately abandoned.
