BRICS began in 2009 as a coalition of four major emerging economies: Brazil, Russia, India, and China. South Africa joined in 2010, completing the original "BRICS" acronym.

In 2024, the alliance underwent its first major expansion, welcoming Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This expansion significantly increased BRICS' representation of global GDP, population, and energy resources.

The alliance continues to attract interest from nations seeking alternatives to Western-dominated financial institutions. Partner status and formal applications represent the growing influence of BRICS in reshaping global economic governance.