Overview

• Thailand and Malaysia have announced bids to join the BRICS economic bloc.
• Interest in BRICS reflects frustration with Western-led financial institutions like the IMF and World Bank.
• The bloc has expanded to include Saudi Arabia, Iran, UAE, Ethiopia, and Egypt this year.
• BRICS members have pooled $100 billion in foreign-currency reserves for mutual financial support.
• The next BRICS summit in October will invite additional non-member countries to participate.