- BRICS is an international organization consisting of Brazil, Russia, India, China and South Africa, the five major emerging economies. - The objectives of BRICS are to achieve regional development, remove trade barriers and promote economic development and optimum use of resources. - BRICS summits are held annually, with the first in 2009 and most recent in 2016. The summits have established the New Development Bank and Contingent Reserve Arrangement. - Collectively BRICS countries account for over 25% of the world's land area and population, as well as 40% of global GDP.