BRICS is an international bloc of ten nations—Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia—that collectively represents over a quarter of the global economy and nearly half the world's population. The term was originally coined by economist Jim O'Neill in 2001 to describe fast-growing emerging markets, but its geopolitical roots trace back to Russian foreign minister Yevgeny Primakov in 1998. The group held its inaugural summit in Yekaterinburg, Russia, in 2009 with its four founding members, and South Africa joined in 2010, prompting the name "BRICS." In 2024, Iran, Egypt, Ethiopia, and the UAE joined as full members at a summit in Russia, with Indonesia joining in early 2025 as the first Southeast Asian member, while Saudi Arabia remains an invited but unconfirmed participant. The bloc has developed its own institutions, such as the New Development Bank, a Contingent Reserve Arrangement, and a payment platform called BRICS PAY, actively promoting de-dollarization to settle trade in national currencies. While some view BRICS as a potential alternative to the G7 and a major force in reshaping the global order, critics—including its own coiner, Jim O'Neill, who calls it a "failed project"—see it as an incoherent anti-Western grouping, though all original members and Indonesia also belong to the G20.