The BRICs, the group of emerging countries comprising Brazil, Russia, India, and China (with the addition of South Africa in 2010), which were brought to the fore in 2001 by Jim O'Neill, then chief economist at Goldman Sachs, promised to become the largest economies on the planet, but their evolution has been more complex than expected. However, the group is back on the offensive.

This week, the group kicked off a summit in Johannesburg with an agenda aimed at strengthening its geopolitical and economic influence vis-à-vis the G-7 (group of developed countries) and the United States in particular. In line with this, 40 heads of state will meet at the South African summit, with around 20 countries interested in formally joining the group.

According to analysts at GZERO/Eurasia Group and Bloomberg, it is unlikely that major agreements will be reached during the meeting, given the diversity of political systems and interests among the countries that make up the group, but its potential expansion would have important implications. 

According to Bloomberg Economics, if countries interested in joining the BRIC, such as Indonesia and Saudi Arabia, do so, by 2040 the group could represent 50% of global GDP, compared to 25% for the G-7, and also half of the world's population.

China, Russia, and South Africa are the partners in the group that are most enthusiastically promoting expansion, while India views China's desire to take center stage in the group's growth with a certain degree of suspicion. 

The Asian giant is already the main trading partner of the other BRIC countries (with the exception of India), and its trade with these countries increased by 12% in the first half of 2022 compared to the same period last year.