BRICS, comprising Brazil, Russia, India, China, South Africa and new members Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates, is solidifying its role as a significant multilateral mechanism in the global economy.

Together, these nations represent nearly half of the world's population and cover more than a third of the planet's land area. With a combined GDP of $28.3 trillion, BRICS countries contribute 27 percent of the global economy and handles $10.4 trillion in trade, or 21.5 percent of worldwide exports and imports. This growing bloc is playing an increasingly vital role in shaping the future of global trade and economics.