Originally BRIC, an acronym for Brazil, Russia, India, and China, first met in June 2006 and was formalised the same year in September.
The BRIC held its first summit in 2009 in St Petersburg, Russia, and accepted South Africa as its member in 2010 to rename the group to BRICS (Brazil, Russia, India, China, and South Africa)
The alliance was formed to increase economic and political stability amongst its member states.
It also focuses on increased developments and multilateral trade across the globe.
Members of the bloc convene annually with a rotational one-year chairmanship from each nation.
With its 15th summit being held in Johannesburg from August 22 to 24, 2023, the group seeks to onboard other country members.
This is going to be the first in-person BRICS summit since the COVID-19 pandemic hit the world.
According to World Bank data 2019, the BRICS has a total of 16 percent of world trade with 24 percent of global GDP.
Data also shows that BRICS holds 41 percent of the world's population, representing 3.14 billion people.
BRICS membership expansion?
As the 2023 chair of the BRICS, South Africa says over 40 countries have expressed interest to join the bloc, in a bit to unlock benefits as such increased trade and investments.
Countries including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan,
Others are; Vietnam, Bahrain, Palestine, Thailand, Nigeria, Senegal, Malawi, Venezuela, and Belarus among others.