BRICS is a a geopolitical and economic alliance between Brazil, Russia, India, China, and South Africa. Formed in 2010, the group encompasses more than a quarter of the world's land surface, over 40 percent of the global population, around 30 percent of global GDP, about 20 percent of international trade and 50 percent of the world's foreign exchange reserves. In August 2023, the BRICS announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates would become full members in 2024. Around 20 other countries have shown interest in joining the bloc.