Why in News? 

• Vietnam has officially joined BRICS as a partner country.  

About BRICS 

• BRICS stands for Brazil, Russia, India, China, South Africa. 
• Term “BRIC” was introduced in 2001 by Jim O’Neill (Goldman Sachs economist). 
• South Africa joined in 2010, turning BRIC into BRICS. 
• BRICS Headquarters: Shanghai, China. 
• BRICS represents 
  • 25% of world GDP 
  • 40% of global population 
• Acts as a counter to Western groups like G7 and World Bank.

BRICS Agenda Includes

• Global terrorism 
• Climate change 
• Food & energy security 
• Reforms in World Bank & IMF 
• Global trade and WTO issues 

Functioning 

• Guided by UN Charter and principles like: Openness, neutrality, solidarity, pragmatism 
• Chairmanship rotates yearly among member countries 
• BRICS follows annual action plans since 2010 

BRICS Summits (2009–2025)