BRICS is an acronym for five leading economies, Brazil, Russia, India, China and South Africa. The first four were initially grouped as BRIC, or the BRICS, in 2001 by Goldman Sachs economist Jim O'Neill, who coined the term to describe fast-growing economies that would collectively dominate the global economy by 2050 South Africa was added in 2010. Brazil, Russia, India and China are among the world's 10 largest countries by population, area and GDP, PPP, and the latter three are widely considered to be current or emerging superpowers. All five states are members of the G20, with a combined nominal GDP of $28.06 trillion United States dollars. And an estimated $4.46 trillion United States dollars in combined foreign reserves, as of 2018. The BRICS were originally identified for the purpose of highlighting investment opportunities and had not been a formal intergovernmental organization. Since 2009, they have increasingly formed into a more cohesive geopolitical block, with their governments meeting annually at formal summits and coordinating multilateral policies China hosted the most recent 14th BRICS summit on 24 July 2022. bilateral relations among the BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit. The BRICS are considered the foremost geopolitical rival to the G7 block of leading advanced economies, announcing competing initiatives such as the new development bank. Since 2022, the group has sought to expand membership, with several developing countries expressing interest in joining. The BRICS have received both praise and criticism from numerous commentators. History. The term BRICS was originally developed in the context of foreign investment strategies. It was introduced in the 2001 publication, building better global economic BRICS by then chairman of Goldman Sachs asset management, Jim O'Neill, the term was coined by Rupa Perushaathaman, who was a research assistant in the original report. For investing purposes, the list of emerging economies sometimes included South Africa, which expanded the acronym to BRICS or BRICS. The foreign ministers of the initial four BRICS general states, Brazil, Russia, India, and China, met in New York City in September 2006 at the margins of the general debate of the UN Assembly, beginning a series of high-level meetings. A full-scale diplomatic meeting was held in Yacatarinburg, Russia, on 16 June 2009. The BRIC groupings' first formal summit also held in Yacatarinburg, commenced on 16 June 2009, with Luis Anasio Lula da Silva, Dmitri Medvedev, Manmo Hanseng, and Hu Jintao, the respective leaders of Brazil, Russia, India, and China, all attending. The summit's focus was on improving the global economic situation and reforming financial institutions, and discussed how the four countries could better cooperate in the future. There was further discussion of ways that developing countries, such as three-quarters of the BRIC members, could become more involved in global affairs. In the aftermath of the Yacatarinburg summit, the BRIC nations announced the need for a new global reserve currency, which would have to be diverse, stable, and predictable. Although the statement that was released did not directly criticize the perceived dominance of the US dollar, something that Russia had criticized in the past, it did spark a fall in the value of the dollar against other major currencies. Entry of South Africa In 2010, South Africa began efforts to join the BRIC grouping, and the process for its formal admission began in August of that year. South Africa officially became a member nation on 24 December 2010, after being formally invited by China to join and subsequently accepted by other BRIC countries. The group was renamed BRICS, with the S, standing for South Africa, to reflect the group's expanded membership. In April 2011, the President of South Africa, Jacob Zuma, attended the 2011 BRICS summit in Sanya, China, as a full member. Potential further expansion. Since South Africa joined the BRIC grouping, now BRICS, in 2010, numerous other countries have expressed interest in joining the block, including Argentina and Iran. Both signaled their intent to join BRICS during meetings with senior Chinese officials, the current BRICS chair, over the course of the summer of 2022. Beijing backed Argentina's potential accession following a meeting between Argentine Foreign Minister Santiago Caffeero and Chinese State Councilor and Foreign Minister Wang Yi, on the margins of the G20 summit in Indonesia. China once again reiterated their support for Argentina's potential application during a subsequent meeting between Caffeero and Yi, on the margins of the 77th UnGeneral Assembly. Likewise, it is understood that Russia, India, and Brazil all support Argentina's application. Iran also submitted an application in June 2022 to Chinese authorities to join the Economic Association of Emerging Markets. Relations between Iran, China and Russia have warmed in recent months as all three governments seek new allies against increasing Western opposition. There is no formal application process as such to join BRICS, but any hopeful government must receive unanimous backing from all existing BRICS members, Brazil, Russia, India, China, and South Africa to receive an invitation. Ahead of the BRICS summit, South Africa's foreign minister Naledi Pander said that there are 12 countries interested in joining the initiative. Of the 12, she mentioned seven countries specifically, namely Saudi Arabia, United Arab Emirates, Egypt, Algeria, Argentina, Mexico and Nigeria. Qatar also said that membership discussions will be dealt with at the upcoming summit. Furthermore, Jim O'Neill said that new members should have populations of at least 100 million in order to counter the US dollar dominance.