BRICS: Opportunities and Challenges

From its inception to its recent expansion in 2023, BRICS has grown not just in size but in its significance to the world order.
BRICS collectively contributes over 25% of global GDP in nominal terms, and when measured by purchasing power parity, this share rises to a remarkable 32%, surpassing even the G7. Together, BRICS nations represent a dynamic mix of economies-from the industrial powerhouse of China to the resource-rich nations of Brazil, Russia, and South Africa, and now to new members such as Saudi Arabia and Argentina.
In trade, BRICS countries dominate global markets, contributing nearly 20% of total trade volume. China alone accounts for over 13% of this, acting as the driving force behind much of BRICS' economic clout. Meanwhile, countries like Brazil and South Africa bring vital contributions through their natural resources, and Saudi Arabia, with its oil dominance, further solidifies the bloc’s global influence.