BRICS is an acronym for an alliance of major emerging economies: [[Brazil]], [[Russia]], [[India]], [[China]], and [[South Africa]] (joined in 2010). Established in 2006 (initially as BRIC before South Africa joined), it represents a significant economic and political grouping. Key features: - Combined members represent: * Over 40% of global population * Significant share of global GDP * Major emerging economies Main initiatives include: - New Development Bank (BRICS Bank) - Contingent Reserve Arrangement - Regular summit meetings - Cooperation in various sectors including: * Trade * Technology * Infrastructure development * Financial systems Recent developments: - 2024 expansion to include: * [[Saudi Arabia]] * [[Iran]] * [[Ethiopia]] * [[Egypt]] * [[United Arab Emirates (UAE)]] The group aims to enhance cooperation among emerging economies and advocate for a more multipolar world order, though members have varying economic and political interests.