BRICS⁺

BRICS⁺ was founded in 2006 by a loose grouping of emerging markets and developing economies consisting of Brazil, Russia, India and China.  In 2010, South Africa was included and it became BRICS.  BRICS became BRICS+ in 2025 with the inclusion of 5 new members Egypt, Ethiopia, Iran, UAE and Indonesia as full members.

BRICS⁺ include a number of partner countries that are on the path to become full members - Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, Uzbekistan and Nigeria

There are also a large number of countries expressed interest in joining BRICS+.  They include Saudi Arabia, Turkey, Vietnam, Pakistan, Algeria, Vietnam and Venezuela.

Source: geopolitical Economy

The BRICS⁺ with its 10 members and nine partners, makes up 50% of the global population and more than 41% of world GDP measured by Purchasing Power Parity [PPP] and 40% of world trade.   In comparison, the total population of G7 countries [Canada, France, Germany, Italy, Japan, UK and US] is 10% of the world population and its combined GDP is only about 29% of global GDP.

BRICS⁺ is not a formal alliance.  But given the BRICS+ group’s enormous population, huge and rising combined GDP and many resources rich countries as members, BRICS⁺ has the power to significantly shape the global political landscape and geopolitical affairs and reshape the international order, the UN and global institutions such as World Bank, International Monetary Fund [IMF] and WTO.

Source: CGTN

The core objectives of the BRICS+ group include:

BROADLY

1. Promoting world peace, common security, inclusive development and cooperation.

2. Contributing to the development of humanity and establishing a more stable, equitable and fairer world.

3. Making available a platform for developing economies to co-operate, advance and prosper together.

4. Providing global south countries with a greater voice and influence in UN and global institutions and on international affairs.

5. Supporting the reform of UN and global institutions.

6. Fostering unity and political and economic resilience in global south countries.

SPECIFICALLY

1. Developing alternative financing institutions such as NDB within BRICS⁺ to fund infrastructure construction and development programs for BRICS+ members.

2. Developing an alternative trade platform with mechanisms and systems for trade, finance and payment that promote the use of domestic currencies and rely less on the SWIFT and the use of US dollars as a reserve currency and means of payment.

3. Constructing a block-based supply chain and ecosystem for critical and strategic resources such as rare earths, oil and gas and food.

4. Strengthening the block though cross-investment and partnerships. 
    

BRICS+ group is actively developing co-operation in the following areas:

Trade, Finance and Payment

BRICS plays an important role in global trade and finance by representing a significant portion of the global economy and acting as a counterweight to Western-led institutions. Through initiatives like the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).  

BRICS promotes economic cooperation and offers an alternative vision for global governance, financial stability, and trade by encouraging local currency settlements and reducing dependence on the U.S. dollar. BRICS nations have no intention to replace the US dollar as a reserve currency.  It is intended to displace the US dollar as a trading currency to protect the BRICS members from US weaponization the US dollar and of its financial and payment systems 

BRICS' GDP measured by purchasing power parity (PPP) accounts for around 40-41% of the global economy as of 2024-2025, representing a significant portion of world economic output. This figure is higher than the G7's share and reflects the group's substantial industrial and production capacity rather than its nominal value. Recent data indicates that BRICS and its partners combined account for 41.41% of global GDP (PPP).  

Measuring GDP by PPP is a way to account for the cost of living and the actual volume of goods and services a country produces, which is different from nominal GDP, measured by exchange rates. PPP is a more accurate measurement of GDP.

The share of the US dollar as a global reserve currency has also declined from 71.5 per cent in 2000 to 58.2 per cent in 2024 while the share of RMB as a global currency is increasing - signaling a gradual shift toward a more multipolar currency framework. 

In fact, the BRICS⁺ group is establishing an alternative platform for conducting international trade and investment transactions to the existing SWIFT platform which has been weaponized by the US as a sanction tool.  The group is also developing a trade and reserve currency backed by gold and select strategic commodities.

A number of commodity exchanges are also being established to manage the BRICS+ strategic commodities trade.  The exchanges will revolutionize the global, investment, trade and marketing of many commodities.  One of the exchanges to be established under the BRICS+ food security initiative is a BRICS⁺ grain exchange that will evolve into an agricultural exchange covering a range of agricultural commodities.  A BRICS+ grain or agricultural products exchange will have enormous implications for global agricultural trading and food security.  By establishing a centralized, transparent, and efficient system for trading agricultural commodities, the BRICS+ nations aim to address some of the most pressing challenges in global food distribution and security – particularly in global south countries.

Similar, a proposed BRICS⁺ rare earths and strategic minerals exchange will have colossal implications for many critical, high tech and strategic industries and supply chains around the world where rare earth and critical metals are indispensable.

Economic influence and trade

Significant economic share: The group accounts for a substantial share of global GDP and trade, making its members key players in the world economy. The expanded BRICS+ has a combined population of about 45% of the world's total and a GDP (PPP) of over 35%. 

Growing trade networks: BRICS members have grown their participation in global trade networks, with exports and imports showing significant growth. 

Alternative trade routes: The group has helped create alternative trade routes, with some members' exports growing to other BRICS nations. 

Financial influence and institutions

New Development Bank (NDB):The NDB provides financing for sustainable development and infrastructure projects with fewer political conditions or strings attached, offering an alternative to traditional Western-dominated financial institutions. 

Contingent Reserve Arrangement (CRA): The CRA provides a framework for members to access liquidity through currency swaps during balance of payments crises, enhancing financial stability among member countries. 

Local currency settlements and de-dollarization: BRICS⁺ is strategically promoting the use of local currencies in trade to reduce its members' dependence on the U.S. dollar and its exposure to geopolitical financial pressures. 

Global governance and a multipolar world

Counterbalance to existing order: BRICS⁺ acts as a counterbalance to Western-led global economic governance, challenging the dominance of institutions like the IMF and World Bank.

Promoting a multipolar world: The group aims to create a more multipolar and less unequal world, providing a platform for dialogue and cooperation among emerging economies. 

Shaping global agendas: By expanding its membership and fostering cooperation, BRICS seeks to take a more active role in shaping international cooperation on key global agendas

Resources

The BRICS+ group has many member countries that are resource rich and have collective control over these critical resources and their industrial and supply chains.  These include food, oil and gas, and minerals – particularly rare earth minerals.  The market for these resources in the world and global south countries is immense.  The BRICS+ group is positioning itself as the global center for energy, food and metals trade.

Rare Earths and Strategic Minerals

BRICS⁺ countries control 3/4 of the global production and reserves of rare earth and strategic minerals. 

Rare earth elements are a group of 17 elements from the periodic table that play a critical role in national security, energy independence and transition, high tech manufacturing and economic growth.  Many advanced technologies such as AI, communication, computing, aerospace, defence and semiconductor production have components such as magnets, batteries, metal alloys, phosphors and catalytic converters made from rare earth minerals. These components are also indispensable in many strategic economic sectors including health care, transportation, power generation, petroleum refining, and consumer electronics.

Rare earths minerals include lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium

Strategic minerals include aluminium, copper, phosphorus, tin, zinc, germanium, gallium, antimony, lithium, nickel, cobalt, bismuth, niobium, indium, hafnium, graphite, molybdenum, platinoids, arsenic, chromium, magnesium, high purity alumina, rhenium, zirconium, vanadium, tungsten, titanium, tantalum, tellurium, selenium, silicon, manganese and fluorine.

Green transition and achieving environmental and climate goals will be near impossible without access to rare earths and strategic minerals needed to manufacture energy storage, green technology and advanced materials and products such as photovoltaic panels, wind turbines, electric vehicles, nuclear power plants and batteries.   

Central to BRICS⁺ critical minerals power is China. 

China dominates the global market and trade of critical minerals and controls much of the investment, technology, industrial system and supply chains and the exploration, mining, extraction, refining and manufacturing of rare earth metals across the globe. 

Much of the global rare earths mined not by China are extracted, refined and manufactured into end products in China due to its rare earths processing capacity, advanced technologies, low manufacturing costs and know-how, supply chains and its enormous market. 

While China currently extracts 60% of rare earth elements, it processes more than 90% of the world’s production.

Developing a capacity to process rare earth metals, particularly the medium and heavy rare earths, is enormously expensive and can take decades to realize.

Food and Agriculture

BRICS+ food and agriculture is crucial for global food security due to its significant share of global food production, land, and water resources, and its role in international agribusiness trade. The group's cooperation is important for addressing food inflation, promoting nutritional security, and developing sustainable and innovative agricultural practices. The group is a major player in the production and trade of commodities like grains, meat, and oilseeds, with members having different comparative advantages that complement each other through intra-BRICS+ trade

Global food security and production

• BRICS countries are responsible for about 42% of global food production. 

• They hold 33% of global agricultural land and 39% of the world's water resources.

• The group accounts for over 30% of the world's farmed fishing and 70% of aquaculture.

Agricultural trade and production

• BRICS is a major player in global agribusiness trade, with members accounting for 19% of global grain exports and 86% of oilseed exports. 

• BRICS countries have comparative advantages in different products, such as Brazil in crops and livestock, Russia in grains, China in fish, India in beef and milk, and South Africa in fruit and wine.

• Inter-BRICS trade helps fill gaps in comparative advantage among member countries. 

Addressing food challenges

• BRICS cooperation is essential for tackling 21st-century challenges like food insecurity, high food inflation, and malnutrition. 

• The group is committed to developing and implementing strategies for food security cooperation, including the adoption of action plans to guide agricultural cooperation. 

• Cooperation through initiatives like the New Development Bank provides financing for sustainable agriculture projects to boost productivity and rural economies. 

Promoting sustainability and innovation

• BRICS countries are investing in modern agricultural technologies, such as precision farming and biotechnology, to increase yields and reduce waste. 

• Cooperation includes de-desertification and efforts to restore degraded land to boost agricultural production and promote sustainable practices.

• The group supports the development of sustainable and inclusive trade to enhance food security in the context of fair-trade practices. The group has become one of the pillars of global food security, producing 42% of the world’s wheat, 52% of its rice and 46% of its soya

Energy

BRICS’s importance in energy lies in their significant contribution to global supply and demand, their influence on energy security, and their growing role in driving the global energy transition.

Their combined energy production and consumption levels are substantial, and through cooperation, they are in a position to shape global energy governance and the shift towards cleaner energy sources

The BRICS⁺ group includes some of the biggest importers, exporters and holders of reserves of hydrocarbons such as oil and gas and are key members of Organisation of Petroleum Exporting Countries (OPEC).

The BRICS⁺ group now account for 43.1% of world oil production and 44% of world oil reserves.  As for gas, they account for 35.5% of global production and 53% of global reserves.

Members
 

China	Russia	India	Brazil	South Africa
Egypt	Ethiopia	Iran	UAE	Indonesia