History of the BRICS (Up to the End of 2025)

Francesco Petrone
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Francesco Petrone: Open University of Catalonia

Chapter Chapter 2 in The BRICS and the Transformation of Global Power, 2026, pp 11-33 from Springer

Abstract: Abstract This chapter examines how the BRICS have evolved since their inception in 2001 from a simple economic label coined by Jim O’Neill into a dynamic coalition seeking to reform global governance. Initially framed as a set of high-growth emerging economies, the group transformed into a political and institutional actor through successive summits, beginning with Yekaterinburg (2009) and Sanya (2011). South Africa’s accession symbolized the bloc’s aspiration to represent the Global South and enhance geographic balance, while revealing enduring tensions between inclusiveness and coherence. The establishment of the New Development Bank and the Contingent Reserve Arrangement in 2014 marked a pivotal moment, institutionalizing BRICS cooperation and offering tangible alternatives to Western-dominated financial institutions. By 2025, the NDB’s regional expansion and membership enlargement—encompassing countries such as Egypt, the United Arab Emirates, Iran, and Indonesia—have consolidated BRICS as a credible instrument for financing sustainable development and strengthening South–South cooperation. Beyond economics, BRICS’ agenda has expanded to encompass climate change, digital finance, and de-dollarization. The 2025 Rio de Janeiro Summit advanced the BRICS Cross-Border Payment Initiative, signaling a move toward financial autonomy and multipolarity. At the same time, geopolitical frictions—especially between China and India—and external pressures, notably from the US, challenge internal cohesion. Yet, despite such constraints, BRICS increasingly functions as both a symbolic and practical counterpoint to Western hegemony, promoting institutional pluralism, multilateralism, and inclusive governance. Its evolution illustrates the transition from descriptive economic categorization to the consolidation of a collective actor seeking to redefine the architecture of global order in the twenty-first century.

Keywords: BRICS; Global governance; New development bank; De-dollarization; Multilateralism; Global South (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-032-23540-4_2

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DOI: 10.1007/978-3-032-23540-4_2

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