This report covers the ten full BRICS members after the 2024 and 2025 expansions: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia. Together they hold about 46% of the world's population and roughly USD 33.8 trillion in combined 2026 nominal GDP (IMF World Economic Outlook, April 2026), with China accounting for most of the total. Growth rates vary widely across members.
The edition is updated for the 18th BRICS Summit's New Delhi Declaration, adopted on 13 September 2026. Its central argument is that BRICS works as a loose, issue-specific coalition rather than a unified geopolitical bloc. The declaration papered over the sharpest disputes, such as Iran-UAE tensions and Russia's war in Ukraine, and was specific only where members' interests already align, such as IMF, World Bank and UN Security Council reform, opposition to unilateral tariffs and sanctions, and cross-border payment cooperation.
The report provides a comparative macroeconomic analysis of the ten members, an assessment of trade, investment and institutional interdependence, an analysis of internal rivalries versus collective ambition, and a PESTLE, SWOT and risk analysis for each member country. It is intended for policy, strategy, investment, risk and trade teams.
The edition is updated for the 18th BRICS Summit's New Delhi Declaration, adopted on 13 September 2026. Its central argument is that BRICS works as a loose, issue-specific coalition rather than a unified geopolitical bloc. The declaration papered over the sharpest disputes, such as Iran-UAE tensions and Russia's war in Ukraine, and was specific only where members' interests already align, such as IMF, World Bank and UN Security Council reform, opposition to unilateral tariffs and sanctions, and cross-border payment cooperation.
The report provides a comparative macroeconomic analysis of the ten members, an assessment of trade, investment and institutional interdependence, an analysis of internal rivalries versus collective ambition, and a PESTLE, SWOT and risk analysis for each member country. It is intended for policy, strategy, investment, risk and trade teams.
Table of Contents
1. Executive Summary: The 18th BRICS Summit and the State of the Bloc2. BRICS Comparative Macroeconomic Analysis
3. BRICS Interdependence: Trade, Investment and Institutional Linkages
4. Internal Rivalries vs. Collective Ambition: Can BRICS Succeed?
5. PESTLE, SWOT and Risk Analysis: Brazil
6. PESTLE, SWOT and Risk Analysis: Russia
7. PESTLE, SWOT and Risk Analysis: India
8. PESTLE, SWOT and Risk Analysis: China
9. PESTLE, SWOT and Risk Analysis: South Africa
10. PESTLE, SWOT and Risk Analysis: Egypt
11. PESTLE, SWOT and Risk Analysis: Ethiopia
12. PESTLE, SWOT and Risk Analysis: Iran
13. PESTLE, SWOT and Risk Analysis: UAE
14. PESTLE, SWOT and Risk Analysis: Indonesia
