Beyond the myths: Understanding BRICS

Last July, the leaders of BRICS, a political and diplomatic coordination forum formed by countries from the Global South, gathered in Brazil for its 17th Summit.

- GILBERTO F. G. DE MOURA

The group, now composed of 11 full members, has recently drawn headlines and misinterpretations. It has been sometimes painted as a bloc designed to challenge the West or to overturn the global order. That view is not just inaccurate; it misses the point entirely. BRICS is not about confrontation. It is about inclusion.

Originally composed without the letter "S," added later, the acronym BRIC was conceived in 2001 by a Goldman Sachs economist to highlight the rapid growth of Brazil, Russia, India, and China. The four countries were labeled "whale countries," due to their immense territory, large populations, abundant resources, and growing economic weight. The term spread from Wall Street to academia and international media. Later, what started as an analytical shorthand turned into a political reality. From the outset, its goal has been to foster dialogue on major international issues, aiming at a more democratic, balanced, and inclusive global order.

The first BRICS meeting occurred at the foreign ministers' level in 2006, on the sidelines of the UN General Assembly. The inaugural heads of state summit took place in 2009 in Ekaterinburg. From the 2008 financial crisis onward, the countries acted jointly in the G20, the IMF, and the World Bank, proposing reforms to reflect the increased weight of emerging economies.