BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The BRICS members are all developing or newly industrialised countries. Since 2010, the BRICS nations have met annually at formal summits. Russia currently holds the chair of the BRICS group, and will host the groups seventh summit in July 2015 in Ufa city. As of 2014, the five BRICS countries represent almost 3 billion people, or approximately 40% of the world population; as all five members are in the top 25 of the world by population, and four are in the top 10.

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