Why whole world is talking about BRICS? and what it is? why 40 countries wants to join it?
Whole world’s eye are on the BRICS summit which is going on in Johannesburg, South Africa between August 22 and August 24 .The BRICS group is a group of major emerging economics – Brazil, Russia, India, China and South Africa holding their 15th summit.
Here are some key about BRICS and its journey..
What is BRICS?
Interestingly in the BRIC acronym, their is not any mention of South Africa because when they form the group there were only 4 countries in the group.
In 2001, Goldman Sachs chief economist Jim O’Neill published a research paper and introduced the world with a new concept of BRICS, which is about underlined the growth potential of Brazil, Russia, India and China.
Formation of BRICS
In 2009, The Bloc was founded, initiated the creation by Russia, to challenge domination of United States and Western allies. The group is not a formal organization like World Bank or UN.
The representatives of states or governments convene annually meeting with each nation and every next year the chairmanship of the group changes rotationally.
Why Sensation?
I know you might think that “What’s big deal? it is a group of just 4 countries, why so hype?”.
These 4 countries are not just some developing countries, they account 40% of the world population and a quarter of the global economy. Also if they want to Decentralizing Dollar will not so big deal for them if they cooperatively work together.
Why and which nation wants to join BRICS?
Over 40 countries including
- Iran.
- Saudi Arabia.
- United Arab Emirates.
- Argentina.
- Algeria.
- Bolivia.
- Indonesia.
- Egypt.
- Ethiopia.
- Cuba.
- Democratic Republic of Congo.
- Comoros.
- Gabon.
- and Kazakhstan.
According to 2023 summit chair South Africa around 40 countries has shown interest in joining the group. We can conclude it that BRICS is becoming an alternate global bodies to fight against domination of Western Power.
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