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The BRICS group (previously known as BRIC) is an intergovernmental organization consisting of emerging economic powers. Initially formed by Brazil, Russia, India, and China in 2006, the group expanded in 2010 to include South Africa, becoming BRICS. As of 2024, the alliance will further grow with the addition of six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. BRICS aims to create a balanced influence against established Western economic powers like the G7, focusing on enhancing the economic cooperation and development of its member nations. Together, the BRICS countries represent more than 50% of the global population and cover over a quarter of the world’s land area. With a combined GDP exceeding $30 to $50 trillion, BRICS has the potential to reshape the global economic landscape by promoting alternative financial systems and increasing influence in international markets. The group's 2024 expansion is particularly significant, as it broadens BRICS' reach and deepens its involvement in global affairs, positioning the bloc as a strong force in promoting economic cooperation among developing nations.