BRICS stands for Brazil, Russia, India, China, and South Africa, which are five leading emerging economies. The term was coined in 2001 by a Goldman Sachs economist and refers to fast-growing economies that were expected to dominate the global economy by 2050.
The BRICS have a combined population of 3.21 billion, making up 41.5% of the world's population, and a combined nominal GDP of $26.6 trillion.
They are members of the G20 and have formed into a cohesive geopolitical bloc, holding annual summits and coordinating policies. The BRICS are considered a rival to the G7, and have launched initiatives such as a new development bank, a contingent reserve arrangement, a payment system, and a reserve currency basket.
The group has been seeking to expand its membership and has received mixed reactions from commentators.