BRICS is a bloc of the world economies of Brazil, Russia, India, China, and South Africa. Some of the bloc’s projects include the New Development Bank, the Contingent Reserve Arrangement, and the decentralized multicurrency “BRICS pay” system. While originally created for the purpose of highlighting economic opportunities, the bloc has become increasingly geopolitical.
This year, it was announced that Iran, Saudi Arabia, Egypt, Argentina, the UAE and Ethiopia would be joining the bloc.