BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The grouping was originally known as “BRIC” before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members. Since 2010, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group.
As of 2015, the five BRICS countries represent over 43% of the world population. The five nations have a combined nominal GDP equivalent to approximately 20% of the gross world product. Bilateral relations among BRICS nations have mainly been conducted on the basis of non-interference, equality, and mutual benefit (win-win). It is estimated that the combined GDP of BRICS would reach US$50 trillion mark by 2020.