Page 12 - NIS English 1-15 Oct, 2026

COVER STORY | BRICS 2026

platform was laid during the first BRIC Foreign Ministers’
meeting held on the sidelines of the United Nations At a time when trade barriers are
General Assembly in New York in 2006. However, the rising globally, India is building
acronym ‘BRIC’ had been coined earlier, in 2001, by
Goldman Sachs in its global economics paper titled ‘The economic bridges. Since 2014, we
World Needs Better Economic BRICs’. Based on econo- have signed Free Trade Agreements
metric analysis, this research paper projected that Brazil, with nearly 40 countries. Our
Russia, India, and China would rank among the world’s approach within BRICS is the same:
largest economies over the next five decades. The to reduce barriers and expand
growing economic power of these nations and their vast
geographical reach—spanning three continents—under- business opportunities.
scored their emerging global significance. Subsequently, Narendra Modi, Prime Minister
the concept of BRIC evolved into a formal group. Three
years after its initial formation in 2006, the first summit In the last three years, this family has expanded
was held in Yekaterinburg, Russia, in 2009. Agreement rapidly. Egypt, Ethiopia, Iran, Saudi Arabia, and the
was reached to include South Africa in 2010, and follow- United Arab Emirates became full members in January
ing South Africa’s accession, the group formally became 2024, with Indonesia joining the list in January 2025. That
‘BRICS’ at the 2011 Sanya Summit. same year, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia,

10 NEW INDIA SAMACHAR || Oct 1-15, 2026