Editor's note: Liu Xu is a research fellow of the National Academy of Development and Strategy, Renmin University of China. The article reflects the author's opinions and not necessarily the views of CGTN.

The 18th BRICS Summit is being held in New Delhi this September, coinciding with the 20th anniversary of the BRICS cooperation mechanism. From the four‑letter investment acronym coined by Goldman Sachs economist Jim O'Neill in 2001 to a multilateral cooperation platform that now connects 11 full members, 10 partner countries, and covers nearly half of the world's population, BRICS has completed its transformation from a "concept" to a "key force" in global governance.

From 'Four Countries' to 'Big BRICS'

The expansion of BRICS traces a clear growth trajectory. In 2006, the foreign ministers of the four countries met for the first time on the sidelines of the UN General Assembly in New York, turning a business concept into an intergovernmental coordination platform. In 2011, South Africa joined, turning "BRIC" into "BRICS." The Johannesburg Summit in 2023 launched a second round of expansion, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE formally joining, followed by Indonesia in 2025. Today, the "Big BRICS"—11 full members plus 10 partner countries—accounts for more than 50% of the world's population, over 40% of global GDP (at purchasing power parity), and contributes more than 50% of the global economic growth.

Behind the numbers lies a qualitative change in structure. The expanded BRICS now simultaneously connects populous nations, major manufacturing powers, energy producers, key agricultural regions, and critical shipping nodes. This diversity entails both greater market depth and richer resource endowments, as well as more complex interest‑coordination costs. BRICS is not a NATO‑style military alliance, nor an EU‑style integration organization. It is more like a long‑standing roundtable with a rotating chair each year. Yet it is precisely this relatively loose structure that allows countries with different political systems, development stages, and foreign policy orientations to find common ground under the same roof.

Trade, finance and economic cooperation

Whether BRICS can become a major force for global development depends not on its size, but on the substance of its actions. The most telling proof is the New Development Bank (NDB). As of 2026, the NDB has approved about 141 projects, with total approvals of approximately $44 billion. In 2026, the bank has continued to expand its portfolio: It has provided $320 million for Brazil's first public smart hospital; approved a loan of up to $1 billion to South Africa for urban infrastructure upgrades in eight major cities; and successfully issued RMB 7 billion in panda bonds in China's interbank market. These projects span transport, clean energy, water supply, housing, and digital infrastructure — not visions left on paper, but tangible works backed by disbursed financing, currently under construction, and trackable.

Another major strand of financial cooperation is local‑currency settlement and cross‑border payments. In August 2026, BRICS finance ministers and central bank governors met in Jaipur, India, to discuss improving the international monetary and financial system. The governor of the Reserve Bank of India stated that BRICS members are discussing connecting their fast payment systems and central bank digital currencies (CBDCs) to reduce cross‑border payment costs. India's proposal is to build a "digital bridge" between national CBDCs, enabling direct local‑currency settlement and bypassing the dollar as an intermediary. Russia has disclosed that 90% of its settlements with BRICS countries are already conducted in national currencies. Notably, this pragmatic approach does not entail a radical "BRICS currency"—India has made clear that it does not support a common currency—but rather seeks to link members' mature domestic payment systems to build an independent cross‑border funds network. From CIPS to SPFS to the internationalisation of UPI, a ground‑up "capillary" project in finance is quietly taking shape.

Global governance

BRICS matters as a force for global development also because it represents the efforts of emerging economies to secure institutional rights in the global governance system. Yet BRICS countries, which account for over 40% of the world's population and, at purchasing power parity, already have a combined economy larger than the G7, still lack institutional voice commensurate with their heft in core financial institutions such as the IMF and the World Bank.

At the BRICS Foreign Ministers' Meeting in New Delhi in May 2026, members explicitly called for accelerating the work of the 17th General Quota Review of the IMF, achieving a meaningful adjustment in quota shares as soon as possible, and promoting reforms of the international financial architecture to better reflect changes in the global economic landscape. In a signed article, Chinese Ambassador to India Xu Feihong noted that BRICS countries should firmly uphold the purposes and principles of the UN Charter and uphold the multilateral trading system with the WTO at its core. This is not about "starting over," but about pushing old institutions to embrace reform, so that the Global South can secure a voice commensurate with its economic weight.

Challenges and resilience

Of course, the "Big BRICS" also faces real challenges. In May 2026, the BRICS Foreign Ministers' Meeting failed to produce a joint statement due to disagreements among some members over the situation in the Middle East; instead, the chair—India—issued a chair's statement and outcome document. This reflects the reality after expansion: The more members, the harder it is to reach consensus. Iran and the UAE, both BRICS members, hold opposing positions — a tension that was less prominent in the smaller circle.

Yet the existence of differences actually highlights BRICS's unique value — it provides a mechanism for countries with divergent interests to sit down and talk. The most valuable role for BRICS in the future may not be to replace the existing international system, but to push old institutions towards reform, while offering developing countries additional choices in financing, technology, markets, and policy coordination. The more choices there are, the lower the risk when a single channel fails — and that is the simplest meaning of resilience.

Looking back at the 20‑year milestone, BRICS has grown from a "roundtable" into a cooperative ecosystem covering Latin America, Africa, and Asia, connecting billions of people. India holds the BRICS rotating chairmanship for 2026, and China will assume the post in 2027. Sustained sound coordination between the two countries will help "Big BRICS" cooperation advance steadily. When "Big BRICS" begins to speak through projects, pave the way with financing, and stand tall with reforms, it will no longer just be a "concept"— it will become a truly weighty cornerstone in the landscape of global development.