What is BRICS?

What is BRICS?

By Amir Marashi | Business Consultant

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BRICS is a group of countries that work together in:

Business

Trade

Global decisions

The name BRICS comes from the first letters of each country:

B – Brazil

R – Russia

I – India

C – China

S – South Africa

Now, more countries joined. So we call it BRICS+.

New countries include:

Iran, UAE, Egypt, Saudi Arabia, and Ethiopia

(Source: Reuters, IRNA)

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Why was BRICS created?

These countries felt that:

The U.S. and Europe have too much power in the world economy

They want to make their own strong group

They want to trade in their own money (not always U.S. dollars)

They want to help each other grow

So they started their own bank called the New Development Bank (NDB) to help build roads, schools, hospitals, etc.

(Source: IMF)

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What’s happening now? (July 2025)

1. A big meeting called the BRICS Summit just finished in Brazil

All member countries talked about working more closely together in trade and investment.

(Source: Wikipedia – BRICS Summit 2025)

2. Iran is now a full member and attended the summit for the first time.

(Source: IRNA)

3. U.S. President Donald Trump said he may add 10% extra tax (tariff) on countries in BRICS.

He said they are becoming "anti-American."

(Source: Time Magazine)

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Is BRICS good for business?

Yes. It can:

Help members trade more with each other

Reduce cost by not using U.S. dollars

Offer loans for building projects (like airports, schools)

But there are problems:

Countries in BRICS have different goals

Some (like Iran and Russia) face global sanctions

They do not have one shared currency yet

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Final Thought

BRICS is growing fast.

It gives countries like Iran, UAE, India, Brazil, and others a new way to work together and not always follow U.S. and Western rules.

The big question now is: Can BRICS become strong enough to change the world economy?

Only time will tell.

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Sources:

Reuters, July 2025: BRICS adds new investment fund

Time Magazine, July 2025: Trump’s BRICS tariff warning

IRNA, Jan 2024: Iran joins BRICS

IMF 2024 Outlook: World Economic Growth

Wikipedia: BRICS

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