BRICS is an acronym for an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa. The term was coined by economist Jim O'Neill in 2001 and formally established in 2006. The BRICS group represents a significant shift in the global economic balance of power towards developing nations and has become an influential force in international politics and economics.
Five Arab states plus Iran among 19 nations ready to join BRICS
In total, 19 nations have expressed interest in joining the emerging-markets bloc of Brazil, Russia, India, China, and South Africa, according to Anil Sooklal, South Africa’s ambassador to the group.
Made up of Brazil, Russia, India, China, and South Africa, with a contribution reaching 31.5 % of the world's gross domestic product (GDP) in 2023 against 30.7% for the G7, the BRICS are considered the current major emerging powers.
The BRICS nations have a significant impact
Each of the BRICS nations has a significant impact on the global economy, and together they account for over 40% of the world's population, nearly a quarter of its land area, and approximately 25% of the global GDP. These countries are also home to a vast array of natural resources and diverse cultures, making them attractive partners for trade, investment, and cultural exchange.
The BRICS group was formed to promote cooperation, development, and mutual benefit among its member states. The main objectives of BRICS are to strengthen ties between the five countries, increase trade and investment flows, and promote sustainable development and global financial stability.
The BRICS group holds annual summits where leaders discuss a range of issues, including trade, investment, energy, security, and culture. The summits provide an opportunity for the leaders to coordinate their efforts and build consensus on shared concerns. In addition to the annual summits, there are also regular meetings of the foreign ministers, finance ministers, and other officials.
The BRICS group is to promote economic growth
One of the primary goals of the BRICS group is to promote economic growth and development. The five countries have significant potential for economic cooperation and investment, and they have taken steps to increase trade and investment flows between them. One of the initiatives is the establishment of the New Development Bank (NDB) in 2014, which provides funding for infrastructure projects in BRICS nations and other developing countries. The bank has a capital of $100 billion and is headquartered in Shanghai, China.
Another area of focus for the BRICS group is sustainable development. The countries are committed to promoting environmentally sustainable practices and have established initiatives to promote renewable energy and reduce greenhouse gas emissions. For example, India has launched a campaign to promote solar energy, while China has become a leader in wind and solar power.
The BRICS group is also an influential voice in global politics. The five countries share a common interest in promoting a more multipolar world order and have called for reforms in international institutions such as the United Nations and the World Trade Organization. They have also sought to enhance their collective voice in the G20 and other international forums.
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The BRICS group has faced challenges in recent years, including slowing economic growth and political tensions between some of the member states. The COVID-19 pandemic has also had a significant impact on the BRICS nations, with the economies of Brazil, India, and South Africa hit particularly hard.
Despite these challenges, the BRICS group remains an important force in global economics and politics. Its members have shown a commitment to cooperation and mutual benefit, and they continue to work towards achieving their shared goals of sustainable development, economic growth, and global stability. As the world becomes increasingly interconnected, the BRICS group is likely to play an even more significant role in shaping the global agenda in the years to come.
The BRICS group of nations as it prepares to hold its annual summit in South Africa.
Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit in South Africa.
“What will be discussed is the expansion of BRICS and the modalities of how this will happen … Thirteen countries have formally asked to join, and another six have asked informally. We are getting applications to join every day,” the South African official told Bloomberg earlier this week.
BRICS will hold its annual summit in Cape Town during the first week of June. The foreign ministers from all five member states have confirmed their attendance.
Earlier this month, Bloomberg revealed that BRICS is expected to soon surpass the US-led G7 states in economic growth expectations.
BRICS nations each contributed equally to global economic growth
Per their analysis, while G7 and BRICS nations each contributed equally to global economic growth in 2020, the Western-led bloc’s performance has recently declined. By 2028, the G7 is expected to make up just 27.8 percent of the global economy, while BRICS will make up 35 percent.
The estimations came just a few weeks after the Deputy Chairman of Russia’s State Duma, Alexander Babakov, revealed that BRICS is working on developing a “new currency” that will be presented at the organization’s upcoming summit.
BRICS member states account for over 40 percent of the global population and around a quarter of the global GDP.
The interest from Global South nations to join the bloc comes at a time when more and more governments move away from the US dollar. The greenback has become more unreliable for dollarized economies due to rising interest rates regulated by the US Federal Reserve (FED) and the bank’s weaponization of the dollar through financial sanctions.
In addition, the West – especially Europe – is facing a growing energy crisis resulting from sanctions targeting Russian energy markets due to its invasion of Ukraine and the US sabotage of the Nordstream pipeline.
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