13/09/2026
and the Changing Global Order
BRICS is an important grouping of emerging economies that has gradually become a significant voice of the Global South.
The term âBRICâ was first used in 2001 to describe Brazil, Russia, India and China, four rapidly growing economies. The four countries later formed a political and economic grouping, and their first summit was held in Yekaterinburg, Russia, in 2009. South Africa joined the group in 2010, turning BRIC into BRICS. Since then, the organisation has expanded beyond its original five members and has attracted several countries from Asia, Africa and the Middle East. Indonesia also joined as a full member in 2025.
The main purpose of BRICS is to promote cooperation among emerging and developing economies. Its members discuss trade, investment, development, technology, health, climate change and international governance. The group also seeks greater representation of developing countries in major global institutions. One of its most important achievements is the establishment of the New Development Bank (NDB) in 2015.
The bank provides financial support for infrastructure and sustainable development projects and offers an alternative source of development finance.
BRICS holds an annual summit where the leaders discuss global and regional issues and adopt common declarations. These meetings have become increasingly important because the world economy is experiencing geopolitical tensions, trade disputes and changes in the international financial system. However, differences among its members may limit how quickly BRICS can transform the global order.
Bangladesh has a growing interest in BRICS cooperation because of its trade, investment and development needs. Although Bangladesh is not a full BRICS member, it is a member of the New Development Bank. This connection can create opportunities for infrastructure financing, economic cooperation and closer engagement with emerging economies. Therefore, BRICS may become increasingly relevant to Bangladesh as the country seeks diversified partnerships and a stronger position in the changing global economy.