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Funny enough, BRICS started as an financial product for a Goldman Sacs economist in the 2000s to sell bonds from emerging markets. Originally it was just Brazil, Russia, India and China.
They have been meeting on and off since 2009 and are trying to form an economic alterative to the G7 and advocate for their common interest as developing nations. This issue has become particularly acute as the sanctions on Russia has exposed just how vulnerable one can be to western sanctions.
The problem is while the G7 have common values and goals and broadly speaking like each other, BRICS does not. (beyond growing their own economies and building an alternative world order, where they have more power).
The group is even more interesting now that Saudi Arabia and Iran (among a few others) are both part of organization.
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