Solution:BRICS, is the acronym coined to associate five major emerging economies: Brazil, Russia, India, China and South Africa. The BRICS member are known for their significant influence on regional affairs. Originally the first four were grouped as "BRIC" (or "the BRICs") before the induction of South Africa in 2010.The leaders of BRIC (Brazil, Russia, India, and China) countries met for the first time in St. Petersburg, Russia, on the margins of G8 Outreach Summit in July 2006. Shortly afterwards, in September 2006, the group was formalised as BRIC during the 1 BRIC Foreign Ministers' meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City. After a series of high level meetings, the 1 BRIC summit was held in Yekaterinburg, Russia on 16th June, 2009. Since 2009, the governments of the BRICS States have met annually at formal summits.
BRIC group was renamed as BRICS (Brazil, Russia, India, China, South Africa) after South Africa was accepted as a full member at the BRIC Foreign Ministers' meeting in New York in September 2010. The first five-member BRICS summit was held in Sanya (China) in 2011. China hosted the 14th BRICS summit on 23rd June, 2022 virtually. 15th BRICS Summit was held in August, 2023 in Johannesburg, South Africa,
while 16th BRICS Summit is scheduled to be held in October, 2024 in Russia.
Note: On 1 January, 2024, Egypt, Ethiopia, Iran and United Arab Emirates became the new members of BRICS taking the total number of BRICS group of countries to 9. Apart from above four countries, Argentina and Saudi Arabia were also invited to join the block in August, 2023 BRICS Summit. However, in December, 2023, Argentina officially declined the invitation to join the BRICS, while Saudi Arabia has not yet (till February, 2024) confirmed its acceptance.