History of BRICS in Timeline
BRICS, initially representing investment opportunities in Brazil, Russia, India, China, and South Africa, has transformed into a powerful geopolitical bloc. Since 2009, member nations have convened in annual summits, fostering multilateral agreements and collaborations. Their interactions prioritize non-interference, equality, and mutually beneficial partnerships.
2001: Coining of the Term "BRIC"
Jim O'Neill, then-chairman of Goldman Sachs Asset Management, introduced the term "BRIC" in his 2001 publication, "Building Better Global Economic BRICs", highlighting investment opportunities within these emerging economies.
September 2006: First Meeting of BRIC Foreign Ministers
The foreign ministers of the initial BRIC nations convened in New York City in September 2006 during the UN General Assembly, initiating high-level discussions among the group.
June 2009: Full-Scale Diplomatic Meeting of BRIC
A comprehensive diplomatic meeting among BRIC nations was held in Yekaterinburg, Russia, in June 2009.
June 2009: First Formal BRIC Summit
The first formal BRIC summit took place in June 2009 in Yekaterinburg, Russia, bringing together the leaders of Brazil, Russia, India, and China. Their discussions centered around global economic recovery, reforming financial institutions, and enhancing cooperation among the four countries.
2009: BRIC Call for a New Global Reserve Currency
Following their 2009 summit, the BRIC nations proposed the establishment of a new global reserve currency, emphasizing the need for a more stable and predictable alternative.
2009: First BRIC Summit and Establishment of Formal Multilateral Cooperation
In 2009, the BRIC nations (Brazil, Russia, India, and China) commenced their first formal summit in Yekaterinburg, Russia. This marked the beginning of their coordinated multilateral policies and annual summit meetings.
2009: First Two BRIC Summits Held
Prior to South Africa joining the group, two BRIC summits were held.
2009: First BRIC Summit
The first summit of the founding BRIC countries (Brazil, Russia, India, and China) took place in Yekaterinburg in 2009.
December 2010: South Africa Joins BRIC, Forming BRICS
South Africa officially joined the BRIC group on December 24, 2010, leading to the group's renaming as BRICS to reflect its expanded membership.
2010: First Two BRIC Summits Held
Prior to South Africa joining the group, two BRIC summits were held.
April 2011: South Africa's First Summit as a BRICS Member
In April 2011, South African President Jacob Zuma attended the BRICS summit in Sanya, China, marking South Africa's full participation as a member.
2011: Launch of Annual Joint Statistical Publication
Since 2011, the national statistical institutes of the BRICS nations have collaborated to produce an annual joint statistical publication. This initiative aims to provide a platform for data comparison, methodological alignment, and insights into statistical production within the bloc.
2011: First Five-Member BRICS Summit Held
The first BRICS summit with all five members (Brazil, Russia, India, China, and South Africa) took place.
June 2012: BRICS Pledges to IMF
In June 2012, the BRICS nations committed $75 billion to bolster the International Monetary Fund's (IMF) lending capacity, contingent upon IMF voting reforms.
2012: China's Hu Jintao Champions BRICS as a Force for Developing Nations
In 2012, Hu Jintao, then General Secretary of the Chinese Communist Party and President of China, characterized BRICS countries as advocates and protectors of developing countries, emphasizing their role as a stabilizing force for global peace.
2012: Proposal for the BRICS Cable
The BRICS nations began planning an undersea optical fibre communications cable system in 2012. This project, known as the BRICS Cable, was intended to facilitate telecommunications among the member countries.
March 2013: Agreement to Establish a New Development Bank
During the fifth BRICS summit in Durban in March 2013, members decided to create a global financial institution as an alternative to the IMF and World Bank. The New Development Bank was planned to be operational by 2014.
April 2013: Analyst Highlights Potential Divisions and Weaknesses Within BRICS
Isobel Coleman, an analyst at the Council on Foreign Relations, pointed out potential areas of discord and vulnerability within BRICS in April 2013. She noted the members' diverse political systems, limited economic integration, and the significant disparities in their economic sizes. Additionally, she highlighted the dominance of China in terms of GDP and financial contributions, which could lead to an imbalance of power within the bloc.
September 2013: Funding Commitment for Currency Reserve Pool
At the September 2013 BRICS meeting in St. Petersburg, member nations pledged a total of $100 billion towards a currency reserve pool aimed at stabilizing currency markets. China contributed $41 billion, while Brazil, India, and Russia each committed $18 billion, and South Africa pledged $5 billion.
October 2013: Target Date for Currency Reserve Fund
Russian Finance Minister Anton Siluanov announced in October 2013 that the creation of the $100 billion currency reserve fund was slated for early 2014.
March 2014: Confirmation of Currency Reserve Fund Timeline
Brazilian Finance Minister Guido Mantega reaffirmed in March 2014 that the currency reserve fund would be established by the month's end.
April 2014: Delay in Currency Reserve Pool and Development Bank
The establishment of both the currency reserve pool and the development bank faced delays by April 2014, pushing their target launch to 2015.
July 2014: BRICS Signs Treaty for Contingent Reserve Arrangement
In July 2014, BRICS countries signed the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement (CRA) in Fortaleza, Brazil. This agreement laid the legal groundwork for the CRA, a financial safety net designed to address global liquidity pressures.
July 2014: Creation of the New Development Bank and Reserve Currency Pool
The sixth BRICS summit in Fortaleza in July 2014 saw the signing of agreements to establish the US$100 billion New Development Bank (previously referred to as the "BRICS Development Bank") and a reserve currency pool exceeding US$100 billion.
2014: BRICS Establishes Financial Architecture
BRICS formalized its financial architecture with the signing of treaties for the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These institutions aimed to provide an alternative financial framework for member countries.
2014: Author Questions BRICS's Ability to Challenge Existing Global Order
Indian Marxist author Vijay Prashad, in 2014, questioned the capacity of BRICS to act as a genuine counterweight to the established global order. He argued that despite their aspirations, BRICS members had not deviated significantly from neoliberal policies, established alternative institutions of global governance, or presented a cohesive alternative ideology. Prashad also expressed skepticism about BRICS's ability to effectively challenge the dominance of the United States and NATO.
2014: Planned Launch of the New Development Bank
The New Development Bank, conceived as an alternative to the IMF and World Bank, was initially scheduled to launch in 2014.
July 2015: BRICS Contingent Reserve Arrangement Enters into Force
The BRICS Contingent Reserve Arrangement (CRA) officially entered into force in July 2015 during the 7th BRICS summit. This financial safety net aimed to provide support to member countries facing global liquidity challenges.
September 2015: BRICS Contingent Reserve Arrangement Becomes Operational
With inaugural meetings of its Governing Council and Standing Committee in Ankara, Turkey, the BRICS Contingent Reserve Arrangement (CRA) became operational in September 2015. This milestone followed the ratification of the CRA treaty by all BRICS member states.
2015: BRICS Financial Institutions Become Operational
The New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), established by BRICS, became active. This marked a significant step in the bloc's efforts to create a more multipolar global financial system.
2015: Rescheduled Launch of Currency Reserve Pool and Development Bank
Due to delays, the launch of the currency reserve pool and the development bank was rescheduled to 2015.
2015: BRICS Explores Alternative Payment System to SWIFT
Ministers from BRICS nations initiated discussions about developing a payment system to serve as an alternative to the SWIFT system. The goal was to reduce reliance on SWIFT and promote the use of national currencies in settlements, enhancing financial autonomy.
2018: BRICS Economic Significance
By 2018, the combined nominal GDP of the BRICS nations reached US$28 trillion, representing about 27% of the gross world product. Their total GDP (PPP) was around US$57 trillion (33% of global GDP PPP), with an estimated US$4.5 trillion in combined foreign reserves.
August 2019: BRICS Cooperation in Information and Communication Technology
In August 2019, during the fifth meeting of BRICS communication ministers in Brasília, Brazil, the member countries signed a letter of intent to foster cooperation within the Information and Communication Technology sector.
2019: Brazil Holds BRICS Pro Tempore Presidency
In 2019, the President of Brazil assumed the role of President Pro Tempore of BRICS, a position rotated annually among the member countries' heads of state.
2019: 11th BRICS Summit: Economic Growth and Innovation Take Center Stage
The 11th BRICS summit, themed "BRICS: economic growth for an innovative future," saw Brazil outlining its pro tempore presidency priorities for 2019. These included strengthening cooperation in science, technology, and innovation; enhancing collaboration on the digital economy; intensifying efforts to combat transnational crime; and encouraging closer ties between the New Development Bank (NDB) and the BRICS Business Council. With Russia succeeding as the new President Pro Tempore, the focus shifted towards investing in BRICS nations for economic growth, cooperating on energy and environmental issues, addressing children's welfare, and formulating solutions for migration and peacekeeping.
2020: New Development Bank Reports Progress on Infrastructure Projects
As of 2020, the New Development Bank (NDB) had 53 projects underway, with a combined value of approximately $15 billion. The bank's lending activities primarily focused on infrastructure development within BRICS nations.
2020: Virtual BRICS Summit and Response to COVID-19
The 2020 BRICS summit, held virtually in St. Petersburg, Russia, focused on addressing the COVID-19 pandemic and explored avenues for reforming the multilateral system.
2021: Call for Transparent Investigation into COVID-19 Origins
During the 13th BRICS summit in 2021, Indian Prime Minister Narendra Modi advocated for a transparent investigation into the origins of COVID-19 under the auspices of the World Health Organization, emphasizing the importance of full cooperation from all countries.
2021: New Development Bank Expands Membership
In 2021, the New Development Bank (NDB) expanded its membership to include Bangladesh, Egypt, the United Arab Emirates, and Uruguay. This move aimed to broaden the bank's reach and influence beyond the founding BRICS members.
2021: India Hosts BRICS Summit Amid Tensions with China
India hosted the BRICS 2021 summit in New Delhi. Despite existing tensions between India and China, Chinese leader Xi Jinping made a conciliatory gesture by expressing support for India's chairmanship of the bloc in 2021.
June 2022: BRICS Holds Virtual Leaders' Summit Hosted by China
The most recent BRICS leaders' summit took place virtually on June 23, 2022, hosted by China.
2022: Argentina Applies for BRICS Membership
Under the leadership of then-President Alberto Fernández, Argentina formally submitted an application for BRICS membership.
2022: Applications for BRICS Membership Received
Several countries applied for BRICS membership, indicating a growing interest in the bloc. Some applicants were expected to join in a second expansion round.
May 2023: South Africa Grants Diplomatic Immunity to Putin for BRICS Summit
In May 2023, South Africa made the decision to grant diplomatic immunity to Vladimir Putin and other Russian officials. This move aimed to allow their attendance at the 15th BRICS Summit, despite the International Criminal Court's (ICC) outstanding arrest warrant for Putin.
July 2023: Putin Announces Remote Participation in BRICS Summit
In July 2023, Russian President Vladimir Putin announced his decision to forgo in-person attendance at the BRICS summit in Johannesburg scheduled for August 22–24. Despite maintaining positive relations with the South African government, Putin opted for remote participation, citing the ICC arrest warrant as a factor. Russian news channels highlighted Putin's plan to engage in all BRICS leaders' sessions virtually, including the Business Forum, and to deliver his remarks online.
July 2023: Tufts University Publishes Study on BRICS
In July 2023, a multi-year study by Tufts University challenged the notion of BRICS as a China-dominated group with anti-U.S. agendas. Instead, the study emphasized BRICS' focus on shared development goals and a multipolar world order, highlighting its potency as a negotiating force challenging U.S. geopolitical and economic interests.
August 2023: BRICS Announces Expansion with Six New Members
During the 15th BRICS Summit in August 2023, South African President Cyril Ramaphosa announced the bloc's invitation to six emerging market countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The expansion was scheduled to take full effect on January 1, 2024.
August 2023: BRICS Announces Expansion with Six New Members
During the 15th BRICS Summit in August 2023, South African President Cyril Ramaphosa revealed the bloc's invitation to six emerging market countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The expansion was set to take full effect on January 1, 2024.
August 2023: Con Coughlin Analyzes BRICS's Impact on World Order
Following the August 2023 BRICS Summit, Con Coughlin, defense and foreign affairs editor for The Daily Telegraph, argued that the group's challenge to the existing world order was likely to fail. He criticized the organization as a tool for China's expanding influence, highlighting internal contradictions such as the China-India border dispute. Coughlin advocated for increased Western engagement with India within a new strategic alliance.
November 2023: Argentina's New Government Signals Intent to Withdraw from BRICS Membership
Following a change in leadership in the November 2023 general election, Argentina's new government, under President Javier Milei, indicated its intention to withdraw the country's application for BRICS membership. This decision stemmed from Milei's campaign promise and signaled a shift in Argentina's foreign policy direction.
December 2023: Atlantic Council Highlights BRICS's De-Dollarization Efforts and Impact on US Interests
In December 2023, Thomas Hill from the Atlantic Council emphasized the significant challenge posed by BRICS's de-dollarization endeavors, particularly in North Africa, to U.S. interests. Hill pointed out the potential for North African states to support this priority, which could weaken American influence, impact trade agreements, and limit the U.S.'s ability to manage deficits and interest rates. This shift, potentially replacing the dollar with alternative currencies or CBDCs, could also undermine U.S. sanctions and render the SWIFT system obsolete.
December 2023: Argentina Formally Declines BRICS Membership Offer
On December 30, 2023, the new Argentine government under President Javier Milei officially declined the offer to join BRICS. This decision marked a departure from the previous administration's stance and reflected a shift in Argentina's foreign policy priorities.
December 2023: Argentina Formally Declines BRICS Membership Offer
On December 30, 2023, Argentina's new government, which had formally applied for BRICS membership under Alberto Fernández's presidency in 2022, officially rejected the offer to join the bloc. The decision was attributed to the new government's distinct foreign policy orientation.
December 2023: Gallup International Poll Reveals Global Awareness and Attitudes Towards BRICS
A Gallup International poll from October to December 2023 revealed a lack of awareness about BRICS among almost a third of the global population, with Western countries expressing more negative sentiments. Countries like Sweden, Spain, the USA, Portugal, and Ukraine displayed the most negative views. Conversely, Russia, Iran, Nigeria, Saudi Arabia, and Malaysia had the most positive opinions. India showed a mixed response, with 36% positive and 29% negative.
2023: Applications for BRICS Membership Received
Several countries applied for BRICS membership, indicating a growing interest in the bloc.
2023: BRICS Explores Common Currency Feasibility
During the 2023 BRICS summit in South Africa, member countries expressed their commitment to investigating the possibility of creating a common currency or a similar financial instrument. The potential benefits highlighted included promoting fairer and more accessible international trade and reducing transaction costs.
2023: Status of the BRICS Cable Project
As of 2023, the construction of the proposed BRICS Cable, an undersea communications cable network, had not yet commenced.
January 2024: Argentina Withdraws from BRICS Membership
Contrary to the initial plan, Argentina did not join BRICS at the start of 2024. This followed the country's November 2023 general election, which brought Javier Milei, who had pledged to retract Argentina's membership application, to presidency. Incoming Foreign Minister Diana Mondino confirmed Argentina's withdrawal from the BRICS membership application on November 30, 2023. The Argentine government formalized its decision by sending an official letter to all BRICS leaders on December 29, 2023, announcing its withdrawal from the application process.
January 2024: Expansion of BRICS
On January 1, 2024, BRICS expanded its membership to include Iran, Egypt, Ethiopia, and the United Arab Emirates.
January 2024: Four Countries Officially Join BRICS
On January 1, 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially became members of BRICS, marking a significant expansion of the bloc.
January 2024: Four Countries Officially Join BRICS
On January 1, 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates officially became members of BRICS.
2024: Saudi Arabia Delays BRICS Membership but Remains Open to Consideration
Despite earlier plans, Saudi Arabia did not join BRICS at the start of 2024. However, in mid-January, the country announced that it was still contemplating the possibility of becoming a member.