Recently, the BRICS summit was held in Kazan, Russia. Initially, BRICS was formed by four countries: Brazil, Russia, India, and China. Later, South Africa joined, giving it its current name, BRICS. Last year, five more countries were admitted, raising the membership to ten, although the group retained its original name. In this recent summit in Kazan, in addition to the 10 full BRICS members, 25 countries joined as observers, many of which may soon gain full membership. BRICS is fundamentally an economic cooperation bloc, whose member states represent 57% of the world's population and account for 47% of global GDP.