The BRICS groups Brazil, Russia, India, China and South Africa, with the name being the initials of the five countries. The grouping had been called BRIC before the accession of South Africa in December 2010.

The BRICS countries have made tremendous contributions to the world economy by increasing employment, cutting poverty, pouring in capital, exporting and importing, among others.

As emerging economies, the BRICS countries share similar views on many regional and international issues. Over recent years, dialogue and cooperation among the countries have continued to be strengthened, as evidenced by frequent exchanges of opinions on important issues concerning international economy and development.