Brazil, Russia, India, China, and South Africa have scheduled their 15th Heads of State and Government Summit on August 22 to 24 in Johannesburg.
Here are some key facts about the bloc and its members.
What is BRICS?
Initially, only Brazil, Russia, India and China were included in BRIC, which was coined in 2001 by then Goldman Sachs chief economist Jim O'Neill. In 2009, the bloc was formed to provide its members with a platform for challenging a world order dominated by the West.
The making of the bloc was initiated by Russia.
There is no formal multilateral organisation like the United Nations, World Bank, or the Organisation of the Petroleum Exporting Countries (OPEC).
A rotating chairmanship of the group is held every year by the heads of state and the governments of the member nations.
Also read: What China's rate adjustment means: Key things to know
Who are the members?
The founding members are, evidently, Brazil, Russia, India, and China.
In 2010, South Africa, the smallest member in terms of economic power and population, became the first beneficiary, and BRIC was rechristened BRICS.
BRICS accounts for over 40 percent of the world population and a quarter of its economic output. The group's focus goes beyond geopolitics to include economic cooperation and multilateral trade. Consensus governs the bloc.
The group of 20 major economies, or the G20, includes all of the BRICS nations as its members.
Which nations want to join BRICS and why?
In addition to Iran, Saudi Arabia, the UAE, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan, more than 40 countries have expressed interest in joining the forum.
By joining BRICS, they hope to gain access to development finance, increased trade, and increased investment that are not available through the traditional Western powers.
The mechanism for new memberships will be decided "as soon as possible", according to Iran, which holds around a quarter of the Middle East's oil reserves.
More than a dozen countries participated in 'Friends of BRICS' talks in Cape Town in June, including oil heavyweight Saudi Arabia. Russia and Brazil have backed its BRICS membership.
China officially supported Argentina's bid to join BRICS in July 2022.
A spokesman for Ethiopia's foreign ministry said the country will continue to work with international institutions that can protect its interests. Ethiopia is one of Africa's fastest-growing economies.
According to BRICS leaders' stated aim to eliminate dependence on the US currency, Bolivian President Luis Arce has expressed interest in joining BRICS.
With Inputs from agencies.
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