"India chairs 18th BRICS Summit amid geopolitical tensions and expanded membership"
New Development Bank (NDB)
BRICS-established multilateral bank financing infrastructure in developing countries, headquartered in Shanghai.
Contingent Reserve Arrangement (CRA)
$100 billion BRICS liquidity facility providing balance-of-payments support outside the IMF framework.
BRICS originated as an investment thesis coined by economist Jim O'Neill in 2001, grouping Brazil, Russia, India, and China as the world's fastest-growing large economies. It institutionalised as a diplomatic forum when the four nations held their first summit in 2009, and South Africa joined in December 2010, completing the original five-member grouping. Over the following decade, BRICS evolved from an economic concept into a geopolitical platform, establishing institutions such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) — both launched at the Fortaleza Summit in 2014 — as alternatives to Western-dominated financial architecture.
The grouping underwent its most significant structural transformation with the 2024 expansion, which added Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as full members. Indonesia joined as the eleventh full member in 2025, making BRICS the largest developing-country bloc by population. Alongside full members, a second tier of partner countries — including Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam — has been created, reflecting the grouping's ambition to anchor a broader Global South coalition. India assumed the BRICS Chairship on January 1, 2026, having previously held it in 2012, 2016, and 2021.
BRICS operates on the principle of consensus among sovereign equals, with no permanent secretariat and no binding treaty obligations — making it a forum rather than a formal international organisation. The Chair rotates annually among members and is responsible for setting the agenda, hosting ministerial and working-group meetings, and producing the summit declaration, which represents the grouping's collective positions on global governance, trade, security, and development.
The grouping's economic weight is substantial: BRICS-11 collectively accounts for approximately 40% of global GDP and over 50% of the world's population, giving it significant leverage in multilateral negotiations. Key institutional outputs include the NDB, headquartered in Shanghai with a mandate to finance infrastructure and sustainable development in member and non-member developing countries, and the CRA, a $100 billion liquidity facility designed to provide short-term balance-of-payments support outside the IMF framework. …
Consider the following statements with regard to BRICS:
I.16th BRICS Summit was held under the Chairship of Russia in Kazan.
II.Indonesia has become a full member of BRICS.
III.The theme of the 16th BRICS Summit was 'Strengthening Multiculturalism for Just Global Development and Security'.
Which of the statements given above is/are correct?
With reference to a grouping of countries known as BRICS, consider the following statements:
1.The First Summit of BRICS was held in Rio de Janeiro in 2009.
2.South Africa was the last to join the BRICS grouping.
Which of the statements given above is/are correct?
The 'Fortaleza Declaration', recently in the news, is related to the affairs of
With reference to BRICS, consider the following statements:
1.Indonesia joined BRICS as a full member in 2025.
2.The partner-country tier of BRICS includes Vietnam, Malaysia, and Nigeria.
3.India has chaired BRICS on four occasions: 2012, 2016, 2021, and 2026.
Which of the statements given above is/are correct?
Which of the following institutions were established by the BRICS grouping at the Fortaleza Summit?
1.New Development Bank (NDB)
2.Contingent Reserve Arrangement (CRA)
3.BRICS Business Council
Select the correct answer using the code below:
Consider the following statements regarding the de-dollarisation agenda within BRICS:
1.De-dollarisation refers to reducing reliance on the US dollar in international trade settlements.
2.All BRICS members uniformly support replacing the US dollar with a single BRICS currency.
3.The New Development Bank has explored local-currency bond issuances as part of this agenda.
Which of the statements given above is/are correct?
Which of the following correctly describes the BRICS 'partner country' tier introduced alongside the 2024 expansion?
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