In a recent conversation, economist Jim O’Neill reflected on the inception of BRICS, a coalition that has become increasingly relevant in global economic discussions. O’Neill, who penned a groundbreaking report in 2001 while at Goldman Sachs, identified Brazil, Russia, India, and China as potential economic powerhouses. That report was released just a few weeks after the September 11, 2001 terrorist attacks. That era passed quickly and was marked by significant uncertainty in the global environment.
The catchy acronym “BRICS” was created almost by accident, as O’Neill would later explain to Megan Jones in an interview. At the time, he certainly didn’t expect that almost a quarter of a century later, he would still be talking about this collection of countries. The original report fueled a great deal of excitement and discussion over what these countries may one day become in terms of the world economy.
Fast forward to 2009, and the countries O’Neill included in her report came together for their initial summit. This was an unprecedented turning point for international diplomacy. The collective didn’t end their ambition there, but rather grew the group to include South Africa, officially converting the BRICs into BRICS. Since then, the coalition has steadily increased in membership and scope, now including 11 member countries from five continents.
What does this all have to do with BRICS, you ask? Recent headlines have been dominated by U.S. President Donald Trump’s tariff threats. That’s why, after all the badgering, prodding and pestering they got, these actions fueled a new wave of enthusiasm for the coalition’s ability to shape global trade policies.
O’Neill’s insights into the group’s formation and growth illustrate how an idea can transform into a significant player on the world stage. The initial conception of BRICS has evolved beyond its original members into a broader alliance that reflects changing economic realities. The formation of the group’s ongoing development process highlights the significant role of collaboration among peer and emerging sibling economies.