BRICS

It is an intergovernmental organization comprising five major emerging economies: Brazil, Russia, India, China and South Africa. It serves as platform for cooperation in economic, political and cultural matters among its member states.
The term BRIC was coined in 2001 by economist Jim O’Neill
Objectives:
1.Promote Economic Growth and Cooperation
2.Reform Global Financial Institutions
3.Strengthen Multilateralism
4.Enhance Political and Security Cooperation
5.Promote Sustainable Development
New Development Bank was established in 2014 with headquarters at Shanghai, China. It provides funding for infrastructure and sustainable development projects.
BRICS contributes nearly 25% of global GDP and accounts for over 40% of the world’s population.
In 2023, BRICS invited a new members like Saudi Arabia, UAE, Egypt, Iran, Ethiopia.