The upcoming 17th BRICS Summit in Rio de Janeiro, Brazil, will, for the first time, host an expanded grouping of 11 members and 10 partner countries, marking a significant milestone in BRICS history. Originally composed of four members – Brazil, Russia, India and China in 2006 – with South Africa joining in 2011, BRICS, from 2024 to 2025, admitted six new members – Ethiopia, Egypt, Iran, Indonesia, Saudi Arabia and the United Arab Emirates – becoming BRICS+.

Additionally, the BRICS leaders approved the establishment of a BRICS partner country category during the Kazan Summit in Russia in 2024. At present, there are 10 BRICS partner countries: Bolivia, Belarus, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Newcomers Indonesia and Vietnam's accession marks the group's first expansion into Southeast Asia.  

At present, the 11 member countries represent more than 40 percent of the world's population, 40 percent of global oil production and exports, and 40 percent of global trade. For the participating countries, BRICS expansion means a vaster market, additional resources, including energy, and huge potential for investment, as the group seeks to deepen cooperation among Global South countries, contribute to a more equitable global economic landscape, and expand its influence in international governance.

BRICS' expansion not only highlights its strengthened representation and burgeoning global appeal but also signals that a structural shift in the global economic dynamics is quietly underway. For example, in the area of international trade, a powerful driver of economic development and poverty reduction, cooperation between BRICS members and other developing countries has significantly advanced South-South trade.

Despite the absence of formal trade agreements, BRICS has expanded intra-group trade and reduced dependence on traditional markets, enabling member countries to tap into each other's sizable market. According to a February 2025 policy brief by the United Nations Industrial Development Organization, from 2002 to 2021, the total global trade of all BRICS countries grew more than sevenfold, crossing $4 trillion from $572 billion.

In recent years, intra-BRICS trade has been notably faster compared to non-BRICS countries collectively, suggesting the group has made significant progress towards forming its own network of complementary supply chains and diversifying its trading relationships.

For non-BRICS developing countries, the rapid intra-group trade between BRICS members, underpinned by its network of supply chains, presents an attractive alternative cooperation to advance the global value chain and create new growth opportunities to support development.

Unsurprisingly, over the last two decades, South-South trade has mimicked BRICS trading trends. Data from the United Nations Trade and Development (UNCTAD) show that between 2007 and 2023, South-South trade more than doubled from $2.3 trillion to $5.6 trillion, showing decreasing dependence on traditional trade partners, while creating new opportunities for developing countries.

As BRICS expands into Southeast Asia, a vital global trade hub, the accession of Indonesia, the region's largest economy and most populous country, promises additional trade potential for the bloc and South-South trade, empowering sustainable and inclusive global trade.

Beyond trade, cooperation in the group offers the opportunity to attract more investments and collectively contribute to global growth. In 2023, China was among the world's top three foreign direct investment (FDI) recipients, while Brazil and India each recorded notable rise in inward direct investment – around $130 billion or nearly 20 percent. This makes BRICS a key driver of FDI growth, especially in emerging markets.

Furthermore, the inclusion of major FDI receiving countries – the UAE, Saudi Arabia, Indonesia and Vietnam – will help unlock new investment opportunities in the Middle East and Southeast Asia, a hotspot for foreign capital. UNCTAD data on FDI shows BRICS witnessed a more than fourfold increase in their annual FDI inflow, from $84 billion in 2001 to $355 billion in $2021. Additionally, the BRICS share in global FDI inflows doubled from 11 percent in 2001 to 22 percent in 2021.

Supported by expanding FDI inflows, which facilitate technology transfer and capital inflows and enable member countries to tackle development-related challenges, including climate change, BRICS over the last two decades have witnessed a marked expansion in their economic influence, becoming a key driver of global growth.

According to the Carnegie Endowment for International Peace, since 2000, the five original BRICS countries' share of global GDP, as measured by purchasing power parity (PPP), has expanded from 21 percent to nearly 35 percent. In comparison, that of the G7 dropped from 43 percent to 30 percent.

In 2018, BRICS overtook the G7's share of global GDP in terms of PPP, and by 2024, the difference further widened. BRICS accounted for 35 percent, compared to the G7's 30 percent.

At the BRICS Summit ahead, the discussions will focus primarily on how the expanded grouping presents alternative avenues to reshape South-South trade, investment and financing, and ultimately contribute to a more inclusive global economic landscape.

(Source: CGTN)