The BRICS coalition, which includes Brazil, Russia, India, China, and South Africa, was formalized in 2006 to foster economic and political cooperation among these emerging economies.

As of 2024, BRICS nations represent approximately 3.3 billion people, accounting for over 40% of the global population and around 37.3% of global GDP based on purchasing power parity.

In 2024, the labor force participation rate within BRICS stands at 60.6%, encompassing 1.5 billion individuals, with notable gender disparities: men participate at 73.9% while women at only 47.4%.

The bloc faces challenges, including a high informal economy participation with about 934.4 million workers, primarily in India, and an unemployment rate of 5.3%, impacting 84.7 million people.

China and India are major contributors to the BRICS GDP, representing 19.05% and 8.23% respectively, while the US and EU each account for about 14.5%.

The recent inclusion of Iran, the UAE, and potentially Saudi Arabia positions BRICS to control nearly half of global oil production and 35% of consumption, significantly enhancing its role in commodities trading.

The New Development Bank, established by BRICS, is funding projects in local currencies, which could challenge the dominance of the US dollar in global finance.

Experts suggest that while BRICS may not uniformly oppose Western powers, its expansion and cooperation could reshape existing multilateral structures like the G7 and World Bank.

BRICS countries are increasingly cooperating on national security, economic development, cultural exchanges, and humanitarian projects, indicating a shift towards new forms of multilateralism.

Countries such as Cuba, Malaysia, Thailand, and Türkiye have expressed interest in joining BRICS, with Thailand having submitted a formal letter of intent to join.

In 2023, BRICS invited six additional countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE—to join, although Argentina later declined membership following a government change.

At the 16th BRICS Summit in October 2024, the coalition highlighted the importance of expanding local currency financing and innovating investment tools, reflecting a significant shift in global economic dynamics.