BRICS is the
acronym for an association of five major
emerging national economies:
Brazil, Russia, India, China and
South Africa. The grouping was originally known as "
BRIC" before the inclusion of South Africa in 2010. The BRICS members are all
developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are
G-20 members. Since 2009, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and hosted the
group's seventh summit in July 2015.