BRICS is an intergovernmental organization comprising emerging or developing economies like Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. These countries are known for their rapid and inclusive economic growth and influence on global and regional affairs. Initially focused on investment opportunities, BRICS has now evolved into a cohesive geopolitical bloc, with member governments actively engaging in formal summits and policy coordination since 2009. The organization’s initial stated goals include challenging the unipolar power distribution, reforming the global financial system, establishing an international multi-currency system, and reducing economic dependence on the West in general, and on the US in particular. The founding countries (Brazil, Russia, India, and China) held their first summit in Yekaterinburg, Russia in 2009, with South Africa joining a year later. Recently, on January 1, 2024, the Islamic Republic of Iran, along with Egypt, Ethiopia, and the United Arab Emirates, became part of BRICS. Collectively, BRICS members represent about 30% of the world’s economic power and half of the global population. Brazil, Russia, India and China are among the top ten in terms of population, area, GDP, and purchasing power parity. All the organization’s founding countries are G20 members.

The BRICS Business Council is a key institution within the group, focusing on trade and investment. Thanks to the efforts by the head of the BRICS desk at the ICCIMA’s Department of International Affairs, the ICCIMA is one of the council’s main members. BRICS is structured around three main pillars, namely political and security, economic and financial, and cultural and people to people exchanges, with the BRICS Business Council falling under the last category.